DDM Analysis: 7013.T

Valuation Snapshot

Stable Growth	$6,371.77 - $23,313.68	$19,797.64
Multi-Stage	$11,122.39 - $12,254.18	$11,677.28
Blended Fair Value	$15,737.46
Current Price	$2,760.00
Upside	470.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.03%	0.91%	14.30	14.29	11.43	4.29	2.81	10.18	8.72	4.36	0.02	8.72
YoY Growth	-	-	0.07%	25.06%	166.68%	52.23%	-72.36%	16.77%	100.02%	28,775.00%	-99.83%	-33.25%
Dividend Yield	-	-	0.64%	2.02%	2.06%	0.83%	0.75%	4.58%	2.35%	0.79%	0.00%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	129,343.00
(-) Cash Dividends Paid (M)	18,228.00
(=) Cash Retained (M)	111,115.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25,868.60	16,167.88	9,700.73
Cash Retained (M)	111,115.00	111,115.00	111,115.00
(-) Cash Required (M)	-25,868.60	-16,167.88	-9,700.73
(=) Excess Retained (M)	85,246.40	94,947.13	101,414.28
(/) Shares Outstanding (M)	1,059.71	1,059.71	1,059.71
(=) Excess Retained per Share	80.44	89.60	95.70
LTM Dividend per Share	17.20	17.20	17.20
(+) Excess Retained per Share	80.44	89.60	95.70
(=) Adjusted Dividend	97.64	106.80	112.90
WACC / Discount Rate	2.80%	2.80%	2.80%
Growth Rate	1.25%	2.25%	3.25%
Fair Value	$6,371.77	$19,797.64	$23,313.68
Upside / Downside	130.86%	617.31%	744.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	129,343.00	132,251.45	135,225.31	138,266.03	141,375.13	144,554.15	148,890.77
Payout Ratio	14.09%	29.27%	44.46%	59.64%	74.82%	90.00%	92.50%
Projected Dividends (M)	18,228.00	38,715.57	60,115.30	82,457.86	105,774.83	130,098.73	137,723.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.80%	2.80%	2.80%
Growth Rate	1.25%	2.25%	3.25%
Year 1 PV (M)	37,292.65	37,660.98	38,029.31
Year 2 PV (M)	55,777.66	56,884.90	58,003.01
Year 3 PV (M)	73,696.18	75,901.44	78,150.25
Year 4 PV (M)	91,061.10	94,712.27	98,472.16
Year 5 PV (M)	107,885.05	113,319.06	118,969.86
PV of Terminal Value (M)	11,420,830.84	11,996,081.54	12,594,281.84
Equity Value (M)	11,786,543.47	12,374,560.18	12,985,906.43
Shares Outstanding (M)	1,059.71	1,059.71	1,059.71
Fair Value	$11,122.39	$11,677.28	$12,254.18
Upside / Downside	302.99%	323.09%	343.99%

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IHI Corporation (7013.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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