DDM Analysis: 3176.T

Valuation Snapshot

Stable Growth	$3,233.83 - $7,338.54	$4,700.60
Multi-Stage	$2,313.88 - $2,527.49	$2,418.75
Blended Fair Value	$3,559.68
Current Price	$1,604.00
Upside	121.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.64%	11.07%	60.67	43.73	41.69	38.66	37.59	36.59	35.10	30.15	26.68	23.71
YoY Growth	-	-	38.73%	4.89%	7.84%	2.84%	2.75%	4.24%	16.42%	13.00%	12.53%	11.63%
Dividend Yield	-	-	3.78%	2.71%	3.49%	3.44%	3.61%	3.72%	2.65%	3.25%	1.95%	2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,615.40
(-) Cash Dividends Paid (M)	950.00
(=) Cash Retained (M)	3,665.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	923.08	576.93	346.16
Cash Retained (M)	3,665.40	3,665.40	3,665.40
(-) Cash Required (M)	-923.08	-576.93	-346.16
(=) Excess Retained (M)	2,742.32	3,088.48	3,319.25
(/) Shares Outstanding (M)	28.96	28.96	28.96
(=) Excess Retained per Share	94.70	106.65	114.62
LTM Dividend per Share	32.80	32.80	32.80
(+) Excess Retained per Share	94.70	106.65	114.62
(=) Adjusted Dividend	127.50	139.45	147.42
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,233.83	$4,700.60	$7,338.54
Upside / Downside	101.61%	193.06%	357.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,615.40	4,915.40	5,234.90	5,575.17	5,937.56	6,323.50	6,513.20
Payout Ratio	20.58%	34.47%	48.35%	62.23%	76.12%	90.00%	92.50%
Projected Dividends (M)	950.00	1,694.17	2,531.07	3,469.61	4,519.47	5,691.15	6,024.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,530.43	1,544.94	1,559.45
Year 2 PV (M)	2,065.46	2,104.81	2,144.52
Year 3 PV (M)	2,557.71	2,631.13	2,705.94
Year 4 PV (M)	3,009.63	3,125.37	3,244.42
Year 5 PV (M)	3,423.59	3,588.96	3,760.65
PV of Terminal Value (M)	54,422.09	57,050.70	59,779.91
Equity Value (M)	67,008.92	70,045.90	73,194.89
Shares Outstanding (M)	28.96	28.96	28.96
Fair Value	$2,313.88	$2,418.75	$2,527.49
Upside / Downside	44.26%	50.80%	57.57%

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Sanyo Trading Co., Ltd. (3176.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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