DDM Analysis: 3402.T

Valuation Snapshot

Stable Growth	$521.07 - $931.45	$693.61
Multi-Stage	$935.56 - $1,027.86	$980.82
Blended Fair Value	$837.22
Current Price	$945.30
Upside	-11.43%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.40%	5.96%	18.52	18.52	17.49	12.86	12.86	16.45	16.45	14.39	14.39	12.33
YoY Growth	-	-	0.01%	5.89%	35.98%	0.01%	-21.84%	0.04%	14.29%	0.02%	16.65%	18.78%
Dividend Yield	-	-	1.87%	2.43%	2.18%	1.69%	1.74%	3.24%	2.01%	1.65%	1.53%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59,322.00
(-) Cash Dividends Paid (M)	28,334.00
(=) Cash Retained (M)	30,988.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11,864.40	7,415.25	4,449.15
Cash Retained (M)	30,988.00	30,988.00	30,988.00
(-) Cash Required (M)	-11,864.40	-7,415.25	-4,449.15
(=) Excess Retained (M)	19,123.60	23,572.75	26,538.85
(/) Shares Outstanding (M)	1,556.74	1,556.74	1,556.74
(=) Excess Retained per Share	12.28	15.14	17.05
LTM Dividend per Share	18.20	18.20	18.20
(+) Excess Retained per Share	12.28	15.14	17.05
(=) Adjusted Dividend	30.49	33.34	35.25
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.46%	1.46%	2.46%
Fair Value	$521.07	$693.61	$931.45
Upside / Downside	-44.88%	-26.63%	-1.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59,322.00	60,186.67	61,063.95	61,954.01	62,857.05	63,773.25	65,686.44
Payout Ratio	47.76%	56.21%	64.66%	73.11%	81.55%	90.00%	92.50%
Projected Dividends (M)	28,334.00	33,831.20	39,482.63	45,291.62	51,261.56	57,395.92	60,759.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.46%	1.46%	2.46%
Year 1 PV (M)	31,502.12	31,815.71	32,129.30
Year 2 PV (M)	34,233.48	34,918.42	35,610.15
Year 3 PV (M)	36,566.66	37,669.57	38,794.43
Year 4 PV (M)	38,537.34	40,094.88	41,699.16
Year 5 PV (M)	40,178.47	42,218.46	44,340.48
PV of Terminal Value (M)	1,275,410.93	1,340,167.46	1,407,527.99
Equity Value (M)	1,456,429.01	1,526,884.49	1,600,101.50
Shares Outstanding (M)	1,556.74	1,556.74	1,556.74
Fair Value	$935.56	$980.82	$1,027.86
Upside / Downside	-1.03%	3.76%	8.73%

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Toray Industries, Inc. (3402.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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