DDM Analysis: 6370.T

Valuation Snapshot

Stable Growth	$7,322.59 - $40,266.94	$14,147.04
Multi-Stage	$4,260.54 - $4,655.29	$4,454.33
Blended Fair Value	$9,300.68
Current Price	$5,049.00
Upside	84.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.77%	6.38%	89.41	82.94	78.12	79.00	72.59	58.72	53.98	51.66	51.13	49.16
YoY Growth	-	-	7.80%	6.17%	-1.11%	8.83%	23.61%	8.78%	4.48%	1.04%	4.02%	2.09%
Dividend Yield	-	-	1.57%	1.21%	1.42%	1.61%	1.36%	1.96%	1.97%	1.63%	1.67%	2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,547.00
(-) Cash Dividends Paid (M)	10,381.00
(=) Cash Retained (M)	12,166.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,509.40	2,818.38	1,691.03
Cash Retained (M)	12,166.00	12,166.00	12,166.00
(-) Cash Required (M)	-4,509.40	-2,818.38	-1,691.03
(=) Excess Retained (M)	7,656.60	9,347.63	10,474.98
(/) Shares Outstanding (M)	111.36	111.36	111.36
(=) Excess Retained per Share	68.76	83.94	94.07
LTM Dividend per Share	93.22	93.22	93.22
(+) Excess Retained per Share	68.76	83.94	94.07
(=) Adjusted Dividend	161.98	177.16	187.29
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,322.59	$14,147.04	$40,266.94
Upside / Downside	45.03%	180.19%	697.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,547.00	24,012.56	25,573.37	27,235.64	29,005.96	30,891.34	31,818.08
Payout Ratio	46.04%	54.83%	63.62%	72.42%	81.21%	90.00%	92.50%
Projected Dividends (M)	10,381.00	13,166.87	16,271.05	19,723.14	23,555.25	27,802.21	29,431.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,095.70	12,210.35	12,325.00
Year 2 PV (M)	13,731.32	13,992.86	14,256.87
Year 3 PV (M)	15,290.47	15,729.41	16,176.66
Year 4 PV (M)	16,775.71	17,420.86	18,084.44
Year 5 PV (M)	18,189.51	19,068.06	19,980.25
PV of Terminal Value (M)	398,361.12	417,602.11	437,579.50
Equity Value (M)	474,443.82	496,023.65	518,402.72
Shares Outstanding (M)	111.36	111.36	111.36
Fair Value	$4,260.54	$4,454.33	$4,655.29
Upside / Downside	-15.62%	-11.78%	-7.80%

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Financial Statements

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Kurita Water Industries Ltd. (6370.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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