DDM Analysis: 9432.T

Valuation Snapshot

Stable Growth	$174.71 - $314.54	$233.21
Multi-Stage	$283.98 - $311.84	$297.64
Blended Fair Value	$265.43
Current Price	$154.70
Upside	71.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.24%	8.14%	5.27	5.03	5.06	4.79	4.32	4.28	3.78	3.27	2.99	2.41
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	208,175.00	130,109.38	78,065.63
Cash Retained (M)	607,572.00	607,572.00	607,572.00
(-) Cash Required (M)	-208,175.00	-130,109.38	-78,065.63
(=) Excess Retained (M)	399,397.00	477,462.63	529,506.38
(/) Shares Outstanding (M)	82,941.36	82,941.36	82,941.36
(=) Excess Retained per Share	4.82	5.76	6.38
LTM Dividend per Share	5.22	5.22	5.22
(+) Excess Retained per Share	4.82	5.76	6.38
(=) Adjusted Dividend	10.04	10.98	11.61
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.87%	1.87%	2.87%
Fair Value	$174.71	$233.21	$314.54
Upside / Downside	12.93%	50.75%	103.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,040,875.00	1,060,290.59	1,080,068.33	1,100,215.00	1,120,737.46	1,141,642.73	1,175,892.01
Payout Ratio	41.63%	51.30%	60.98%	70.65%	80.33%	90.00%	92.50%
Projected Dividends (M)	433,303.00	543,960.67	658,595.81	777,318.29	900,240.72	1,027,478.46	1,087,700.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.87%	1.87%	2.87%
Year 1 PV (M)	504,980.76	509,987.24	514,993.73
Year 2 PV (M)	567,588.53	578,898.71	590,320.46
Year 3 PV (M)	621,900.43	640,581.38	659,632.73
Year 4 PV (M)	668,633.22	695,546.04	723,263.24
Year 5 PV (M)	708,450.23	744,272.14	781,528.65
PV of Terminal Value (M)	20,481,984.20	21,517,630.41	22,594,752.22
Equity Value (M)	23,553,537.36	24,686,915.91	25,864,491.02
Shares Outstanding (M)	82,941.36	82,941.36	82,941.36
Fair Value	$283.98	$297.64	$311.84
Upside / Downside	83.57%	92.40%	101.58%

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NTT, Inc. (9432.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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