DDM Analysis: 6301.T

Valuation Snapshot

Stable Growth	$27,423.01 - $89,360.88	$83,744.23
Multi-Stage	$11,858.95 - $12,972.49	$12,405.53
Blended Fair Value	$48,074.88
Current Price	$5,160.00
Upside	831.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.11%	11.65%	181.17	151.29	123.46	79.20	58.60	117.13	101.65	66.71	59.51	59.49
YoY Growth	-	-	19.75%	22.54%	55.88%	35.15%	-49.97%	15.23%	52.37%	12.11%	0.03%	-1.14%
Dividend Yield	-	-	3.82%	3.16%	3.18%	2.63%	2.12%	5.32%	3.82%	2.11%	2.08%	3.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	413,110.00
(-) Cash Dividends Paid (M)	175,480.00
(=) Cash Retained (M)	237,630.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82,622.00	51,638.75	30,983.25
Cash Retained (M)	237,630.00	237,630.00	237,630.00
(-) Cash Required (M)	-82,622.00	-51,638.75	-30,983.25
(=) Excess Retained (M)	155,008.00	185,991.25	206,646.75
(/) Shares Outstanding (M)	919.39	919.39	919.39
(=) Excess Retained per Share	168.60	202.30	224.77
LTM Dividend per Share	190.87	190.87	190.87
(+) Excess Retained per Share	168.60	202.30	224.77
(=) Adjusted Dividend	359.47	393.17	415.63
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27,423.01	$83,744.23	$89,360.88
Upside / Downside	431.45%	1,522.95%	1,631.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	413,110.00	439,962.15	468,559.69	499,016.07	531,452.11	565,996.50	582,976.40
Payout Ratio	42.48%	51.98%	61.49%	70.99%	80.50%	90.00%	92.50%
Projected Dividends (M)	175,480.00	228,702.15	288,101.77	354,257.08	427,795.35	509,396.85	539,253.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	211,965.32	213,974.47	215,983.62
Year 2 PV (M)	247,477.13	252,190.88	256,949.09
Year 3 PV (M)	282,034.52	290,130.71	298,380.39
Year 4 PV (M)	315,656.22	327,795.47	340,281.53
Year 5 PV (M)	348,360.68	365,186.63	382,656.55
PV of Terminal Value (M)	9,497,472.74	9,956,204.22	10,432,492.44
Equity Value (M)	10,902,966.61	11,405,482.39	11,926,743.62
Shares Outstanding (M)	919.39	919.39	919.39
Fair Value	$11,858.95	$12,405.53	$12,972.49
Upside / Downside	129.82%	140.42%	151.40%

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Komatsu Ltd. (6301.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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