DDM Analysis: 4553.T

Valuation Snapshot

Stable Growth	$34,271.46 - $83,404.51	$78,162.24
Multi-Stage	$12,004.45 - $13,148.20	$12,565.79
Blended Fair Value	$45,364.01
Current Price	$2,952.00
Upside	1,436.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.40%	8.76%	59.99	59.97	62.97	48.98	44.00	41.99	31.67	31.63	31.65	35.65
YoY Growth	-	-	0.03%	-4.77%	28.58%	11.31%	4.79%	32.58%	0.13%	-0.06%	-11.23%	37.65%
Dividend Yield	-	-	2.01%	2.03%	3.56%	1.99%	1.63%	2.11%	1.12%	1.60%	1.81%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,645.00
(-) Cash Dividends Paid (M)	3,497.00
(=) Cash Retained (M)	17,148.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,129.00	2,580.63	1,548.38
Cash Retained (M)	17,148.00	17,148.00	17,148.00
(-) Cash Required (M)	-4,129.00	-2,580.63	-1,548.38
(=) Excess Retained (M)	13,019.00	14,567.38	15,599.63
(/) Shares Outstanding (M)	49.23	49.23	49.23
(=) Excess Retained per Share	264.47	295.92	316.89
LTM Dividend per Share	71.04	71.04	71.04
(+) Excess Retained per Share	264.47	295.92	316.89
(=) Adjusted Dividend	335.51	366.96	387.93
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34,271.46	$78,162.24	$83,404.51
Upside / Downside	1,060.96%	2,547.77%	2,725.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,645.00	21,986.93	23,416.08	24,938.12	26,559.10	28,285.44	29,134.00
Payout Ratio	16.94%	31.55%	46.16%	60.78%	75.39%	90.00%	92.50%
Projected Dividends (M)	3,497.00	6,937.09	10,809.62	15,156.26	20,022.30	25,456.90	26,948.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,450.55	6,511.69	6,572.84
Year 2 PV (M)	9,346.51	9,524.53	9,704.24
Year 3 PV (M)	12,185.70	12,535.51	12,891.95
Year 4 PV (M)	14,968.97	15,544.64	16,136.75
Year 5 PV (M)	17,697.13	18,551.91	19,439.40
PV of Terminal Value (M)	530,297.24	555,910.80	582,504.65
Equity Value (M)	590,946.11	618,579.08	647,249.82
Shares Outstanding (M)	49.23	49.23	49.23
Fair Value	$12,004.45	$12,565.79	$13,148.20
Upside / Downside	306.65%	325.67%	345.40%

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Towa Pharmaceutical Co., Ltd. (4553.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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