DDM Analysis: 6504.T

Valuation Snapshot

Stable Growth	$41,562.59 - $113,322.41	$106,199.70
Multi-Stage	$15,846.53 - $17,347.64	$16,583.28
Blended Fair Value	$61,391.49
Current Price	$9,944.00
Upside	517.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.39%	14.13%	146.53	117.22	107.45	87.92	78.15	78.15	78.16	58.62	48.85	48.86
YoY Growth	-	-	25.00%	9.09%	22.22%	12.50%	0.00%	-0.01%	33.33%	19.99%	-0.01%	25.00%
Dividend Yield	-	-	2.20%	1.28%	1.71%	1.56%	1.51%	2.65%	2.02%	1.39%	1.65%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83,315.00
(-) Cash Dividends Paid (M)	23,259.00
(=) Cash Retained (M)	60,056.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16,663.00	10,414.38	6,248.63
Cash Retained (M)	60,056.00	60,056.00	60,056.00
(-) Cash Required (M)	-16,663.00	-10,414.38	-6,248.63
(=) Excess Retained (M)	43,393.00	49,641.63	53,807.38
(/) Shares Outstanding (M)	146.21	146.21	146.21
(=) Excess Retained per Share	296.78	339.51	368.01
LTM Dividend per Share	159.08	159.08	159.08
(+) Excess Retained per Share	296.78	339.51	368.01
(=) Adjusted Dividend	455.85	498.59	527.08
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41,562.59	$106,199.70	$113,322.41
Upside / Downside	317.97%	967.98%	1,039.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83,315.00	88,730.48	94,497.96	100,640.32	107,181.94	114,148.77	117,573.23
Payout Ratio	27.92%	40.33%	52.75%	65.17%	77.58%	90.00%	92.50%
Projected Dividends (M)	23,259.00	35,788.15	49,847.83	65,584.05	83,155.38	102,733.89	108,755.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33,239.33	33,554.40	33,869.46
Year 2 PV (M)	43,000.38	43,819.42	44,646.18
Year 3 PV (M)	52,545.72	54,054.12	55,591.11
Year 4 PV (M)	61,878.89	64,258.58	66,706.25
Year 5 PV (M)	71,003.36	74,432.85	77,993.59
PV of Terminal Value (M)	2,055,308.84	2,154,581.02	2,257,652.59
Equity Value (M)	2,316,976.52	2,424,700.38	2,536,459.19
Shares Outstanding (M)	146.21	146.21	146.21
Fair Value	$15,846.53	$16,583.28	$17,347.64
Upside / Downside	59.36%	66.77%	74.45%

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Fuji Electric Co., Ltd. (6504.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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