DDM Analysis: 7012.T

Valuation Snapshot

Stable Growth	$75,936.43 - $89,500.71	$83,859.16
Multi-Stage	$49,478.02 - $54,400.31	$51,892.28
Blended Fair Value	$67,875.72
Current Price	$10,900.00
Upside	522.71%
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	1.51%	1.51%	1.51%
Growth Rate	3.34%	4.34%	5.34%
Fair Value	$75,936.43	$83,859.16	$89,500.71
Upside / Downside	596.66%	669.35%	721.11%

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	1.51%	1.51%	1.51%
Growth Rate	3.34%	4.34%	5.34%
Year 1 PV (M)	34,301.40	34,633.31	34,965.23
Year 2 PV (M)	44,115.77	44,973.67	45,839.82
Year 3 PV (M)	54,273.07	55,863.87	57,485.46
Year 4 PV (M)	64,782.48	67,326.56	69,944.86
Year 5 PV (M)	75,653.40	79,385.20	83,262.84
PV of Terminal Value (M)	8,008,752.86	8,403,805.89	8,814,296.99
Equity Value (M)	8,281,878.97	8,685,988.51	9,105,795.21
Shares Outstanding (M)	167.39	167.39	167.39
Fair Value	$49,478.02	$51,892.28	$54,400.31
Upside / Downside	353.93%	376.08%	399.09%

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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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