DDM Analysis: 4568.T

Valuation Snapshot

Stable Growth	$16,599.01 - $31,173.95	$29,214.56
Multi-Stage	$4,892.30 - $5,355.67	$5,119.72
Blended Fair Value	$17,167.14
Current Price	$3,365.00
Upside	410.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.31%	10.46%	60.56	35.54	28.94	27.41	25.93	24.03	24.02	24.59	23.25	25.68
YoY Growth	-	-	70.42%	22.82%	5.58%	5.69%	7.92%	0.04%	-2.33%	5.77%	-9.45%	14.71%
Dividend Yield	-	-	1.80%	0.65%	0.64%	0.80%	1.08%	0.82%	1.21%	1.74%	2.64%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	295,873.00
(-) Cash Dividends Paid (M)	113,216.00
(=) Cash Retained (M)	182,657.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59,174.60	36,984.13	22,190.48
Cash Retained (M)	182,657.00	182,657.00	182,657.00
(-) Cash Required (M)	-59,174.60	-36,984.13	-22,190.48
(=) Excess Retained (M)	123,482.40	145,672.88	160,466.53
(/) Shares Outstanding (M)	1,887.53	1,887.53	1,887.53
(=) Excess Retained per Share	65.42	77.18	85.01
LTM Dividend per Share	59.98	59.98	59.98
(+) Excess Retained per Share	65.42	77.18	85.01
(=) Adjusted Dividend	125.40	137.16	145.00
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16,599.01	$29,214.56	$31,173.95
Upside / Downside	393.28%	768.19%	826.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	295,873.00	315,104.75	335,586.55	357,399.68	380,630.66	405,371.65	417,532.80
Payout Ratio	38.27%	48.61%	58.96%	69.31%	79.65%	90.00%	92.50%
Projected Dividends (M)	113,216.00	153,178.89	197,858.61	247,699.52	303,183.79	364,834.49	386,217.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	142,751.49	144,104.58	145,457.68
Year 2 PV (M)	171,837.69	175,110.72	178,414.62
Year 3 PV (M)	200,479.69	206,234.74	212,098.89
Year 4 PV (M)	228,682.51	237,476.99	246,522.73
Year 5 PV (M)	256,451.11	268,837.80	281,698.55
PV of Terminal Value (M)	8,234,150.04	8,631,862.57	9,044,796.49
Equity Value (M)	9,234,352.54	9,663,627.40	10,108,988.96
Shares Outstanding (M)	1,887.53	1,887.53	1,887.53
Fair Value	$4,892.30	$5,119.72	$5,355.67
Upside / Downside	45.39%	52.15%	59.16%

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Daiichi Sankyo Company, Limited (4568.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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