DDM Analysis: 4543.T

Valuation Snapshot

Stable Growth	$4,636.97 - $17,605.64	$13,494.76
Multi-Stage	$2,178.46 - $2,383.70	$2,279.20
Blended Fair Value	$7,886.98
Current Price	$2,443.00
Upside	222.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.68%	12.46%	24.13	21.69	18.90	15.89	14.33	13.89	13.25	10.73	9.84	8.94
YoY Growth	-	-	11.28%	14.73%	18.95%	10.87%	3.16%	4.87%	23.46%	9.10%	9.98%	19.87%
Dividend Yield	-	-	0.91%	0.85%	0.83%	0.78%	0.64%	0.68%	0.81%	0.68%	0.89%	0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130,671.00
(-) Cash Dividends Paid (M)	38,460.00
(=) Cash Retained (M)	92,211.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26,134.20	16,333.88	9,800.33
Cash Retained (M)	92,211.00	92,211.00	92,211.00
(-) Cash Required (M)	-26,134.20	-16,333.88	-9,800.33
(=) Excess Retained (M)	66,076.80	75,877.13	82,410.68
(/) Shares Outstanding (M)	1,476.07	1,476.07	1,476.07
(=) Excess Retained per Share	44.77	51.40	55.83
LTM Dividend per Share	26.06	26.06	26.06
(+) Excess Retained per Share	44.77	51.40	55.83
(=) Adjusted Dividend	70.82	77.46	81.89
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,636.97	$13,494.76	$17,605.64
Upside / Downside	89.81%	452.38%	620.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130,671.00	139,164.62	148,210.31	157,843.99	168,103.84	179,030.59	184,401.51
Payout Ratio	29.43%	41.55%	53.66%	65.77%	77.89%	90.00%	92.50%
Projected Dividends (M)	38,460.00	57,817.55	79,529.09	103,818.85	130,930.27	161,127.53	170,571.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53,472.09	53,978.94	54,485.78
Year 2 PV (M)	68,023.82	69,319.48	70,627.37
Year 3 PV (M)	82,125.63	84,483.16	86,885.39
Year 4 PV (M)	95,787.77	99,471.50	103,260.47
Year 5 PV (M)	109,020.28	114,286.00	119,753.25
PV of Terminal Value (M)	2,807,133.95	2,942,719.57	3,083,494.37
Equity Value (M)	3,215,563.55	3,364,258.66	3,518,506.63
Shares Outstanding (M)	1,476.07	1,476.07	1,476.07
Fair Value	$2,178.46	$2,279.20	$2,383.70
Upside / Downside	-10.83%	-6.71%	-2.43%

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Terumo Corporation (4543.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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