DDM Analysis: 7012.T

Valuation Snapshot

Stable Growth	$11,882.46 - $37,438.06	$19,099.55
Multi-Stage	$12,006.22 - $13,164.99	$12,574.74
Blended Fair Value	$15,837.15
Current Price	$10,900.00
Upside	45.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.44%	0.67%	100.15	80.14	50.08	20.22	0.35	69.96	64.93	50.03	109.63	119.62
YoY Growth	-	-	24.96%	60.03%	147.72%	5,635.59%	-99.50%	7.75%	29.77%	-54.36%	-8.35%	27.73%
Dividend Yield	-	-	0.92%	1.32%	1.36%	0.79%	0.01%	4.51%	2.51%	1.53%	3.30%	4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	76,871.00
(-) Cash Dividends Paid (M)	24,821.00
(=) Cash Retained (M)	52,050.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,374.20	9,608.88	5,765.33
Cash Retained (M)	52,050.00	52,050.00	52,050.00
(-) Cash Required (M)	-15,374.20	-9,608.88	-5,765.33
(=) Excess Retained (M)	36,675.80	42,441.13	46,284.68
(/) Shares Outstanding (M)	167.39	167.39	167.39
(=) Excess Retained per Share	219.11	253.55	276.52
LTM Dividend per Share	148.29	148.29	148.29
(+) Excess Retained per Share	219.11	253.55	276.52
(=) Adjusted Dividend	367.40	401.84	424.80
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.34%	4.34%	5.34%
Fair Value	$11,882.46	$19,099.55	$37,438.06
Upside / Downside	9.01%	75.23%	243.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76,871.00	80,210.09	83,694.21	87,329.68	91,123.07	95,081.23	97,933.66
Payout Ratio	32.29%	43.83%	55.37%	66.92%	78.46%	90.00%	92.50%
Projected Dividends (M)	24,821.00	35,157.15	46,344.41	58,437.24	71,493.18	85,573.10	90,588.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.34%	4.34%	5.34%
Year 1 PV (M)	32,683.04	32,999.30	33,315.55
Year 2 PV (M)	40,051.16	40,830.02	41,616.37
Year 3 PV (M)	46,947.91	48,324.01	49,726.74
Year 4 PV (M)	53,394.94	55,491.83	57,649.88
Year 5 PV (M)	59,413.03	62,343.73	65,388.96
PV of Terminal Value (M)	1,777,170.52	1,864,834.19	1,955,923.61
Equity Value (M)	2,009,660.62	2,104,823.07	2,203,621.12
Shares Outstanding (M)	167.39	167.39	167.39
Fair Value	$12,006.22	$12,574.74	$13,164.99
Upside / Downside	10.15%	15.36%	20.78%

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Kawasaki Heavy Industries, Ltd. (7012.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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