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NTT, Inc. (9432.T)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$174.68 - $314.46$233.16
Multi-Stage$283.90 - $311.75$297.56
Blended Fair Value$265.36
Current Price$154.70
Upside71.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.24%8.14%5.275.035.064.794.324.283.783.272.992.41
YoY Growth--4.63%-0.50%5.68%10.74%1.03%13.14%15.55%9.44%23.88%0.21%
Dividend Yield--3.42%3.22%2.97%3.07%3.73%4.25%3.68%3.25%2.82%2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,040,875.00
(-) Cash Dividends Paid (M)433,303.00
(=) Cash Retained (M)607,572.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)208,175.00130,109.3878,065.63
Cash Retained (M)607,572.00607,572.00607,572.00
(-) Cash Required (M)-208,175.00-130,109.38-78,065.63
(=) Excess Retained (M)399,397.00477,462.63529,506.38
(/) Shares Outstanding (M)82,941.3682,941.3682,941.36
(=) Excess Retained per Share4.825.766.38
LTM Dividend per Share5.225.225.22
(+) Excess Retained per Share4.825.766.38
(=) Adjusted Dividend10.0410.9811.61
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate0.87%1.87%2.87%
Fair Value$174.68$233.16$314.46
Upside / Downside12.91%50.72%103.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,040,875.001,060,290.591,080,068.331,100,215.001,120,737.461,141,642.731,175,892.01
Payout Ratio41.63%51.30%60.98%70.65%80.33%90.00%92.50%
Projected Dividends (M)433,303.00543,960.67658,595.81777,318.29900,240.721,027,478.461,087,700.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate0.87%1.87%2.87%
Year 1 PV (M)504,975.91509,982.35514,988.79
Year 2 PV (M)567,577.64578,887.60590,309.13
Year 3 PV (M)621,882.54640,562.95659,613.75
Year 4 PV (M)668,607.56695,519.35723,235.49
Year 5 PV (M)708,416.26744,236.45781,491.17
PV of Terminal Value (M)20,475,281.2721,510,588.5622,587,357.87
Equity Value (M)23,546,741.1924,679,777.2625,856,996.20
Shares Outstanding (M)82,941.3682,941.3682,941.36
Fair Value$283.90$297.56$311.75
Upside / Downside83.51%92.34%101.52%

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