DDM Analysis: 4540.T

Valuation Snapshot

Stable Growth	$9,192.30 - $26,984.96	$14,485.27
Multi-Stage	$6,214.70 - $6,786.41	$6,495.38
Blended Fair Value	$10,490.33
Current Price	$3,621.00
Upside	189.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.00%	7.17%	119.78	68.06	65.01	65.01	65.01	65.02	64.97	58.48	59.46	59.95
YoY Growth	-	-	75.99%	4.70%	0.00%	0.00%	-0.02%	0.08%	11.10%	-1.65%	-0.82%	0.00%
Dividend Yield	-	-	3.45%	1.65%	2.44%	2.13%	1.86%	2.31%	2.11%	1.63%	1.30%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,403.00
(-) Cash Dividends Paid (M)	10,382.00
(=) Cash Retained (M)	17,021.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,480.60	3,425.38	2,055.23
Cash Retained (M)	17,021.00	17,021.00	17,021.00
(-) Cash Required (M)	-5,480.60	-3,425.38	-2,055.23
(=) Excess Retained (M)	11,540.40	13,595.63	14,965.78
(/) Shares Outstanding (M)	75.31	75.31	75.31
(=) Excess Retained per Share	153.23	180.52	198.72
LTM Dividend per Share	137.85	137.85	137.85
(+) Excess Retained per Share	153.23	180.52	198.72
(=) Adjusted Dividend	291.09	318.37	336.57
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9,192.30	$14,485.27	$26,984.96
Upside / Downside	153.86%	300.04%	645.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,403.00	29,184.20	31,081.17	33,101.44	35,253.04	37,544.48	38,670.82
Payout Ratio	37.89%	48.31%	58.73%	69.15%	79.58%	90.00%	92.50%
Projected Dividends (M)	10,382.00	14,098.62	18,254.53	22,891.15	28,053.41	33,790.04	35,770.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,831.81	12,953.43	13,075.06
Year 2 PV (M)	15,121.44	15,409.46	15,700.20
Year 3 PV (M)	17,258.43	17,753.86	18,258.67
Year 4 PV (M)	19,249.98	19,990.28	20,751.73
Year 5 PV (M)	21,103.02	22,122.30	23,180.60
PV of Terminal Value (M)	382,481.04	400,955.02	420,136.04
Equity Value (M)	468,045.71	489,184.35	511,102.30
Shares Outstanding (M)	75.31	75.31	75.31
Fair Value	$6,214.70	$6,495.38	$6,786.41
Upside / Downside	71.63%	79.38%	87.42%

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Tsumura & Co. (4540.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener