Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujitsu Limited (6702.T)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$1,705.44 - $2,449.11$2,068.96
Multi-Stage$3,476.13 - $3,833.95$3,651.47
Blended Fair Value$2,860.21
Current Price$3,484.00
Upside-17.90%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS8.84%11.58%27.5826.2225.1723.2122.3018.0614.8411.429.219.22
YoY Growth--5.17%4.18%8.47%4.06%23.51%21.64%30.02%23.89%-0.01%-0.01%
Dividend Yield--0.78%1.03%1.35%1.37%1.07%1.43%1.97%1.70%1.11%2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)446,173.00
(-) Cash Dividends Paid (M)50,506.00
(=) Cash Retained (M)395,667.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)89,234.6055,771.6333,462.98
Cash Retained (M)395,667.00395,667.00395,667.00
(-) Cash Required (M)-89,234.60-55,771.63-33,462.98
(=) Excess Retained (M)306,432.40339,895.38362,204.03
(/) Shares Outstanding (M)1,796.051,796.051,796.05
(=) Excess Retained per Share170.61189.25201.67
LTM Dividend per Share28.1228.1228.12
(+) Excess Retained per Share170.61189.25201.67
(=) Adjusted Dividend198.73217.37229.79
WACC / Discount Rate7.58%7.58%7.58%
Growth Rate-3.65%-2.65%-1.65%
Fair Value$1,705.44$2,068.96$2,449.11
Upside / Downside-51.05%-40.62%-29.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)446,173.00434,355.75422,851.49411,651.93400,749.00390,134.84401,838.89
Payout Ratio11.32%27.06%42.79%58.53%74.26%90.00%92.50%
Projected Dividends (M)50,506.00117,518.68180,946.16240,931.35297,612.10351,121.36371,700.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.58%7.58%7.58%
Growth Rate-3.65%-2.65%-1.65%
Year 1 PV (M)108,117.08109,239.19110,361.30
Year 2 PV (M)153,152.53156,348.07159,576.60
Year 3 PV (M)187,609.80193,512.06199,536.83
Year 4 PV (M)213,206.37222,196.32231,467.62
Year 5 PV (M)231,416.46243,677.32256,452.43
PV of Terminal Value (M)5,349,809.235,633,251.635,928,582.54
Equity Value (M)6,243,311.476,558,224.596,885,977.33
Shares Outstanding (M)1,796.051,796.051,796.05
Fair Value$3,476.13$3,651.47$3,833.95
Upside / Downside-0.23%4.81%10.04%

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