DDM Analysis: 4369.T

Valuation Snapshot

Stable Growth	$15,160.71 - $35,227.18	$33,013.03
Multi-Stage	$5,151.89 - $5,642.40	$5,392.63
Blended Fair Value	$19,202.83
Current Price	$2,993.00
Upside	541.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.74%	52.42%	29.99	29.97	19.99	16.34	13.97	10.77	5.05	3.84	2.39	1.62
YoY Growth	-	-	0.05%	49.92%	22.33%	16.98%	29.77%	113.17%	31.66%	60.82%	47.58%	264.66%
Dividend Yield	-	-	1.18%	0.68%	0.91%	0.68%	0.38%	0.44%	0.35%	0.35%	0.32%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,756.23
(-) Cash Dividends Paid (M)	1,136.42
(=) Cash Retained (M)	4,619.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,151.25	719.53	431.72
Cash Retained (M)	4,619.81	4,619.81	4,619.81
(-) Cash Required (M)	-1,151.25	-719.53	-431.72
(=) Excess Retained (M)	3,468.56	3,900.28	4,188.09
(/) Shares Outstanding (M)	32.50	32.50	32.50
(=) Excess Retained per Share	106.74	120.02	128.88
LTM Dividend per Share	34.97	34.97	34.97
(+) Excess Retained per Share	106.74	120.02	128.88
(=) Adjusted Dividend	141.71	154.99	163.85
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15,160.71	$33,013.03	$35,227.18
Upside / Downside	406.54%	1,003.01%	1,076.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,756.23	6,130.38	6,528.86	6,953.24	7,405.20	7,886.53	8,123.13
Payout Ratio	19.74%	33.79%	47.85%	61.90%	75.95%	90.00%	92.50%
Projected Dividends (M)	1,136.42	2,071.70	3,123.77	4,303.84	5,624.14	7,097.88	7,513.90

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)	1,927.25	1,945.51	1,963.78
Year 2 PV (M)	2,703.32	2,754.82	2,806.79
Year 3 PV (M)	3,464.87	3,564.33	3,665.68
Year 4 PV (M)	4,212.07	4,374.05	4,540.67
Year 5 PV (M)	4,945.14	5,183.99	5,431.98
PV of Terminal Value (M)	150,167.19	157,420.33	164,951.05
Equity Value (M)	167,419.84	175,243.03	183,359.95
Shares Outstanding (M)	32.50	32.50	32.50
Fair Value	$5,151.89	$5,392.63	$5,642.40
Upside / Downside	72.13%	80.17%	88.52%

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Tri Chemical Laboratories Inc. (4369.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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