DDM Analysis: 8593.T

Valuation Snapshot

Stable Growth	$8,677.39 - $22,431.05	$21,021.18
Multi-Stage	$3,206.45 - $3,509.55	$3,355.21
Blended Fair Value	$12,188.20
Current Price	$1,222.50
Upside	896.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.89%	21.84%	38.97	35.96	29.95	20.64	15.64	16.41	12.38	8.81	8.25	6.55
YoY Growth	-	-	8.38%	20.04%	45.11%	31.96%	-4.66%	32.57%	40.43%	6.78%	25.99%	21.18%
Dividend Yield	-	-	3.67%	3.35%	3.51%	3.30%	2.63%	3.22%	2.13%	1.29%	1.34%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162,236.00
(-) Cash Dividends Paid (M)	56,058.00
(=) Cash Retained (M)	106,178.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32,447.20	20,279.50	12,167.70
Cash Retained (M)	106,178.00	106,178.00	106,178.00
(-) Cash Required (M)	-32,447.20	-20,279.50	-12,167.70
(=) Excess Retained (M)	73,730.80	85,898.50	94,010.30
(/) Shares Outstanding (M)	1,438.39	1,438.39	1,438.39
(=) Excess Retained per Share	51.26	59.72	65.36
LTM Dividend per Share	38.97	38.97	38.97
(+) Excess Retained per Share	51.26	59.72	65.36
(=) Adjusted Dividend	90.23	98.69	104.33
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8,677.39	$21,021.18	$22,431.05
Upside / Downside	609.81%	1,619.52%	1,734.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162,236.00	172,781.34	184,012.13	195,972.92	208,711.15	222,277.38	228,945.70
Payout Ratio	34.55%	45.64%	56.73%	67.82%	78.91%	90.00%	92.50%
Projected Dividends (M)	56,058.00	78,862.06	104,393.80	132,911.47	164,695.38	200,049.64	211,774.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	73,286.81	73,981.47	74,676.13
Year 2 PV (M)	90,155.06	91,872.26	93,605.66
Year 3 PV (M)	106,668.35	109,730.41	112,850.52
Year 4 PV (M)	122,832.20	127,555.98	132,414.71
Year 5 PV (M)	138,652.05	145,348.99	152,302.25
PV of Terminal Value (M)	4,080,536.87	4,277,628.33	4,482,262.94
Equity Value (M)	4,612,131.33	4,826,117.44	5,048,112.21
Shares Outstanding (M)	1,438.39	1,438.39	1,438.39
Fair Value	$3,206.45	$3,355.21	$3,509.55
Upside / Downside	162.29%	174.46%	187.08%

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Mitsubishi HC Capital Inc. (8593.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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