DDM Analysis: 5471.T

Valuation Snapshot

Stable Growth	$6,859.60 - $26,648.79	$19,249.23
Multi-Stage	$3,215.32 - $3,520.96	$3,365.33
Blended Fair Value	$11,307.28
Current Price	$995.70
Upside	1,035.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	14.43%	15.43%	48.09	46.98	40.83	21.45	5.15	24.51	25.55	24.52	13.11	17.67
YoY Growth	-	-	2.36%	15.06%	90.33%	316.76%	-79.00%	-4.05%	4.20%	86.95%	-25.77%	54.29%
Dividend Yield	-	-	4.83%	3.14%	3.42%	3.07%	0.47%	3.71%	3.07%	2.39%	1.01%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,955.00
(-) Cash Dividends Paid (M)	2,772.50
(=) Cash Retained (M)	25,182.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,591.00	3,494.38	2,096.63
Cash Retained (M)	25,182.50	25,182.50	25,182.50
(-) Cash Required (M)	-5,591.00	-3,494.38	-2,096.63
(=) Excess Retained (M)	19,591.50	21,688.13	23,085.88
(/) Shares Outstanding (M)	208.62	208.62	208.62
(=) Excess Retained per Share	93.91	103.96	110.66
LTM Dividend per Share	13.29	13.29	13.29
(+) Excess Retained per Share	93.91	103.96	110.66
(=) Adjusted Dividend	107.20	117.25	123.95
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,859.60	$19,249.23	$26,648.79
Upside / Downside	588.92%	1,833.24%	2,576.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,955.00	29,772.08	31,707.26	33,768.23	35,963.17	38,300.77	39,449.80
Payout Ratio	9.92%	25.93%	41.95%	57.97%	73.98%	90.00%	92.50%
Projected Dividends (M)	2,772.50	7,721.14	13,301.40	19,574.46	26,606.83	34,470.70	36,491.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.15%	7.15%	7.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,138.35	7,206.01	7,273.67
Year 2 PV (M)	11,369.18	11,585.73	11,804.33
Year 3 PV (M)	15,468.13	15,912.16	16,364.61
Year 4 PV (M)	19,438.24	20,185.78	20,954.67
Year 5 PV (M)	23,282.51	24,407.07	25,574.66
PV of Terminal Value (M)	594,093.25	622,788.17	652,581.32
Equity Value (M)	670,789.65	702,084.92	734,553.26
Shares Outstanding (M)	208.62	208.62	208.62
Fair Value	$3,215.32	$3,365.33	$3,520.96
Upside / Downside	222.92%	237.99%	253.62%

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Daido Steel Co., Ltd. (5471.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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