DDM Analysis: 7224.T

Valuation Snapshot

Stable Growth	$1,528.55 - $2,542.86	$1,976.11
Multi-Stage	$2,110.57 - $2,313.26	$2,210.01
Blended Fair Value	$2,093.06
Current Price	$1,852.00
Upside	13.02%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-11.62%	9.70%	49.44	46.39	43.84	37.81	39.78	91.71	48.55	20.21	20.65	22.62
YoY Growth	-	-	6.59%	5.80%	15.97%	-4.94%	-56.63%	88.91%	140.19%	-2.12%	-8.70%	15.44%
Dividend Yield	-	-	3.06%	3.24%	3.25%	3.50%	4.15%	9.08%	3.49%	1.55%	2.18%	3.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,567.00
(-) Cash Dividends Paid (M)	3,436.00
(=) Cash Retained (M)	5,131.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,713.40	1,070.88	642.53
Cash Retained (M)	5,131.00	5,131.00	5,131.00
(-) Cash Required (M)	-1,713.40	-1,070.88	-642.53
(=) Excess Retained (M)	3,417.60	4,060.13	4,488.48
(/) Shares Outstanding (M)	66.10	66.10	66.10
(=) Excess Retained per Share	51.71	61.43	67.91
LTM Dividend per Share	51.98	51.98	51.98
(+) Excess Retained per Share	51.71	61.43	67.91
(=) Adjusted Dividend	103.69	113.41	119.89
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$1,528.55	$1,976.11	$2,542.86
Upside / Downside	-17.47%	6.70%	37.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,567.00	8,758.47	8,954.21	9,154.33	9,358.93	9,568.09	9,855.14
Payout Ratio	40.11%	50.09%	60.06%	70.04%	80.02%	90.00%	92.50%
Projected Dividends (M)	3,436.00	4,386.76	5,378.30	6,411.97	7,489.15	8,611.28	9,116.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.10%	8.10%	8.10%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	4,018.28	4,057.97	4,097.66
Year 2 PV (M)	4,512.70	4,602.30	4,692.77
Year 3 PV (M)	4,928.10	5,075.59	5,225.99
Year 4 PV (M)	5,272.50	5,483.94	5,701.67
Year 5 PV (M)	5,553.26	5,833.01	6,123.92
PV of Terminal Value (M)	115,216.97	121,021.08	127,056.78
Equity Value (M)	139,501.81	146,073.88	152,898.79
Shares Outstanding (M)	66.10	66.10	66.10
Fair Value	$2,110.57	$2,210.01	$2,313.26
Upside / Downside	13.96%	19.33%	24.91%

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Financial Statements

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ShinMaywa Industries, Ltd. (7224.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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