DDM Analysis: 4112.T

Valuation Snapshot

Stable Growth	$16,332.60 - $37,949.67	$35,564.40
Multi-Stage	$5,596.49 - $6,126.69	$5,856.72
Blended Fair Value	$20,710.56
Current Price	$1,455.00
Upside	1,323.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.15%	7.87%	61.32	51.62	45.03	39.63	35.97	36.15	36.24	43.11	35.88	35.97
YoY Growth	-	-	18.79%	14.63%	13.63%	10.18%	-0.51%	-0.25%	-15.92%	20.15%	-0.25%	25.16%
Dividend Yield	-	-	4.21%	1.88%	2.61%	2.40%	1.82%	1.66%	2.49%	2.58%	1.60%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,085.00
(-) Cash Dividends Paid (M)	670.00
(=) Cash Retained (M)	1,415.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	417.00	260.63	156.38
Cash Retained (M)	1,415.00	1,415.00	1,415.00
(-) Cash Required (M)	-417.00	-260.63	-156.38
(=) Excess Retained (M)	998.00	1,154.38	1,258.63
(/) Shares Outstanding (M)	10.93	10.93	10.93
(=) Excess Retained per Share	91.34	105.65	115.19
LTM Dividend per Share	61.32	61.32	61.32
(+) Excess Retained per Share	91.34	105.65	115.19
(=) Adjusted Dividend	152.66	166.97	176.51
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16,332.60	$35,564.40	$37,949.67
Upside / Downside	1,022.52%	2,344.29%	2,508.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,085.00	2,220.53	2,364.86	2,518.57	2,682.28	2,856.63	2,942.33
Payout Ratio	32.13%	43.71%	55.28%	66.85%	78.43%	90.00%	92.50%
Projected Dividends (M)	670.00	970.53	1,307.31	1,683.76	2,103.63	2,570.97	2,721.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	902.86	911.42	919.98
Year 2 PV (M)	1,131.35	1,152.90	1,174.65
Year 3 PV (M)	1,355.53	1,394.45	1,434.10
Year 4 PV (M)	1,575.47	1,636.05	1,698.37
Year 5 PV (M)	1,791.21	1,877.73	1,967.55
PV of Terminal Value (M)	54,393.23	57,020.44	59,748.20
Equity Value (M)	61,149.65	63,992.99	66,942.86
Shares Outstanding (M)	10.93	10.93	10.93
Fair Value	$5,596.49	$5,856.72	$6,126.69
Upside / Downside	284.64%	302.52%	321.08%

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Hodogaya Chemical Co., Ltd. (4112.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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