DDM Analysis: 9433.T

Valuation Snapshot

Stable Growth	$2,340.76 - $4,078.75	$3,084.12
Multi-Stage	$3,999.96 - $4,393.96	$4,193.18
Blended Fair Value	$3,638.65
Current Price	$2,360.50
Upside	54.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.22%	8.64%	72.58	75.29	72.64	68.66	69.83	65.02	57.61	55.63	46.91	41.20
YoY Growth	-	-	-3.59%	3.64%	5.81%	-1.68%	7.39%	12.87%	3.55%	18.58%	13.88%	30.03%
Dividend Yield	-	-	2.93%	3.47%	3.26%	3.20%	4.03%	4.02%	4.18%	3.67%	3.15%	2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	712,198.00
(-) Cash Dividends Paid (M)	290,382.00
(=) Cash Retained (M)	421,816.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	142,439.60	89,024.75	53,414.85
Cash Retained (M)	421,816.00	421,816.00	421,816.00
(-) Cash Required (M)	-142,439.60	-89,024.75	-53,414.85
(=) Excess Retained (M)	279,376.40	332,791.25	368,401.15
(/) Shares Outstanding (M)	3,952.50	3,952.50	3,952.50
(=) Excess Retained per Share	70.68	84.20	93.21
LTM Dividend per Share	73.47	73.47	73.47
(+) Excess Retained per Share	70.68	84.20	93.21
(=) Adjusted Dividend	144.15	157.67	166.67
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.47%	1.47%	2.47%
Fair Value	$2,340.76	$3,084.12	$4,078.75
Upside / Downside	-0.84%	30.66%	72.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	712,198.00	722,696.53	733,349.81	744,160.14	755,129.82	766,261.21	789,249.04
Payout Ratio	40.77%	50.62%	60.46%	70.31%	80.15%	90.00%	92.50%
Projected Dividends (M)	290,382.00	365,815.40	443,409.63	523,212.00	605,270.76	689,635.08	730,055.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	0.47%	1.47%	2.47%
Year 1 PV (M)	339,588.29	342,968.15	346,348.01
Year 2 PV (M)	382,108.38	389,752.34	397,472.00
Year 3 PV (M)	418,552.43	431,174.55	444,047.91
Year 4 PV (M)	449,482.29	467,645.68	486,354.05
Year 5 PV (M)	475,415.10	499,549.33	524,653.90
PV of Terminal Value (M)	13,744,712.16	14,442,456.43	15,168,253.86
Equity Value (M)	15,809,858.65	16,573,546.48	17,367,129.74
Shares Outstanding (M)	3,952.50	3,952.50	3,952.50
Fair Value	$3,999.96	$4,193.18	$4,393.96
Upside / Downside	69.45%	77.64%	86.15%

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KDDI Corporation (9433.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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