DDM Analysis: 6754.T

Valuation Snapshot

Stable Growth	$757.04 - $1,228.07	$968.49
Multi-Stage	$1,483.02 - $1,629.36	$1,554.78
Blended Fair Value	$1,261.63
Current Price	$1,868.00
Upside	-32.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.39%	5.27%	40.33	40.30	40.80	46.50	37.33	25.75	16.82	15.76	20.48	25.22
YoY Growth	-	-	0.08%	-1.24%	-12.26%	24.58%	44.96%	53.09%	6.75%	-23.09%	-18.78%	4.57%
Dividend Yield	-	-	2.16%	3.31%	3.33%	3.17%	1.80%	1.01%	0.87%	1.04%	2.02%	4.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,123.00
(-) Cash Dividends Paid (M)	5,214.00
(=) Cash Retained (M)	3,909.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,824.60	1,140.38	684.23
Cash Retained (M)	3,909.00	3,909.00	3,909.00
(-) Cash Required (M)	-1,824.60	-1,140.38	-684.23
(=) Excess Retained (M)	2,084.40	2,768.63	3,224.78
(/) Shares Outstanding (M)	130.68	130.68	130.68
(=) Excess Retained per Share	15.95	21.19	24.68
LTM Dividend per Share	39.90	39.90	39.90
(+) Excess Retained per Share	15.95	21.19	24.68
(=) Adjusted Dividend	55.85	61.08	64.58
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-0.65%	0.35%	1.35%
Fair Value	$757.04	$968.49	$1,228.07
Upside / Downside	-59.47%	-48.15%	-34.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,123.00	9,154.57	9,186.25	9,218.05	9,249.95	9,281.96	9,560.42
Payout Ratio	57.15%	63.72%	70.29%	76.86%	83.43%	90.00%	92.50%
Projected Dividends (M)	5,214.00	5,833.46	6,457.14	7,085.07	7,717.27	8,353.76	8,843.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-0.65%	0.35%	1.35%
Year 1 PV (M)	5,413.94	5,468.44	5,522.93
Year 2 PV (M)	5,561.79	5,674.33	5,787.98
Year 3 PV (M)	5,663.78	5,836.54	6,012.77
Year 4 PV (M)	5,725.49	5,959.53	6,200.66
Year 5 PV (M)	5,752.00	6,047.38	6,354.77
PV of Terminal Value (M)	165,686.30	174,194.72	183,049.15
Equity Value (M)	193,803.31	203,180.92	212,928.27
Shares Outstanding (M)	130.68	130.68	130.68
Fair Value	$1,483.02	$1,554.78	$1,629.36
Upside / Downside	-20.61%	-16.77%	-12.77%

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Anritsu Corporation (6754.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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