DDM Analysis: 5471.T

Valuation Snapshot

Stable Growth	$11,693.64 - $26,648.79	$24,973.82
Multi-Stage	$3,893.96 - $4,266.24	$4,076.66
Blended Fair Value	$14,525.24
Current Price	$995.70
Upside	1,358.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.43%	15.43%	48.09	46.98	40.83	21.45	5.15	24.51	25.55	24.52	13.11	17.67
YoY Growth	-	-	2.36%	15.06%	90.33%	316.76%	-79.00%	-4.05%	4.20%	86.95%	-25.77%	54.29%
Dividend Yield	-	-	4.83%	3.14%	3.42%	3.07%	0.47%	3.71%	3.07%	2.39%	1.01%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,955.00
(-) Cash Dividends Paid (M)	2,772.50
(=) Cash Retained (M)	25,182.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,591.00	3,494.38	2,096.63
Cash Retained (M)	25,182.50	25,182.50	25,182.50
(-) Cash Required (M)	-5,591.00	-3,494.38	-2,096.63
(=) Excess Retained (M)	19,591.50	21,688.13	23,085.88
(/) Shares Outstanding (M)	208.62	208.62	208.62
(=) Excess Retained per Share	93.91	103.96	110.66
LTM Dividend per Share	13.29	13.29	13.29
(+) Excess Retained per Share	93.91	103.96	110.66
(=) Adjusted Dividend	107.20	117.25	123.95
WACC / Discount Rate	6.47%	6.47%	6.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,693.64	$24,973.82	$26,648.79
Upside / Downside	1,074.41%	2,408.17%	2,576.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,955.00	29,772.08	31,707.26	33,768.23	35,963.17	38,300.77	39,449.80
Payout Ratio	9.92%	25.93%	41.95%	57.97%	73.98%	90.00%	92.50%
Projected Dividends (M)	2,772.50	7,721.14	13,301.40	19,574.46	26,606.83	34,470.70	36,491.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.47%	6.47%	6.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,184.04	7,252.14	7,320.23
Year 2 PV (M)	11,515.21	11,734.54	11,955.94
Year 3 PV (M)	15,767.09	16,219.71	16,680.90
Year 4 PV (M)	19,940.78	20,707.64	21,496.42
Year 5 PV (M)	24,037.34	25,198.35	26,403.79
PV of Terminal Value (M)	733,924.13	769,372.94	806,178.46
Equity Value (M)	812,368.58	850,485.31	890,035.75
Shares Outstanding (M)	208.62	208.62	208.62
Fair Value	$3,893.96	$4,076.66	$4,266.24
Upside / Downside	291.08%	309.43%	328.47%

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Daido Steel Co., Ltd. (5471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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