Definitive Analysis
Definitive Analysis

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Panasonic Holdings Corporation (6752.T)

Company Dividend Discount ModelIndustry: Consumer ElectronicsSector: Technology

Valuation Snapshot

Stable Growth$2,951.15 - $7,327.42$4,420.08
Multi-Stage$3,622.05 - $3,974.25$3,794.83
Blended Fair Value$4,107.45
Current Price$1,610.00
Upside155.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.58%9.00%37.5032.4929.9924.9924.9829.9734.9724.9824.8519.84
YoY Growth--15.40%8.34%20.02%0.02%-16.65%-14.28%40.00%0.49%25.26%25.25%
Dividend Yield--2.41%2.47%1.71%2.28%1.94%3.19%3.79%1.67%1.63%2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)319,700.00
(-) Cash Dividends Paid (M)112,061.00
(=) Cash Retained (M)207,639.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)63,940.0039,962.5023,977.50
Cash Retained (M)207,639.00207,639.00207,639.00
(-) Cash Required (M)-63,940.00-39,962.50-23,977.50
(=) Excess Retained (M)143,699.00167,676.50183,661.50
(/) Shares Outstanding (M)2,334.702,334.702,334.70
(=) Excess Retained per Share61.5571.8278.67
LTM Dividend per Share48.0048.0048.00
(+) Excess Retained per Share61.5571.8278.67
(=) Adjusted Dividend109.55119.82126.66
WACC / Discount Rate6.39%6.39%6.39%
Growth Rate2.58%3.58%4.58%
Fair Value$2,951.15$4,420.08$7,327.42
Upside / Downside83.30%174.54%355.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)319,700.00331,146.88343,003.61355,284.88368,005.87381,182.34392,617.81
Payout Ratio35.05%46.04%57.03%68.02%79.01%90.00%92.50%
Projected Dividends (M)112,061.00152,465.12195,618.92241,667.51290,762.86343,064.11363,171.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.39%6.39%6.39%
Growth Rate2.58%3.58%4.58%
Year 1 PV (M)141,926.46143,310.02144,693.58
Year 2 PV (M)169,510.49172,831.52176,184.78
Year 3 PV (M)194,938.15200,694.94206,563.96
Year 4 PV (M)218,328.47226,967.22235,859.83
Year 5 PV (M)239,794.71251,712.94264,100.43
PV of Terminal Value (M)7,491,896.037,864,257.018,251,278.60
Equity Value (M)8,456,394.318,859,773.669,278,681.17
Shares Outstanding (M)2,334.702,334.702,334.70
Fair Value$3,622.05$3,794.83$3,974.25
Upside / Downside124.97%135.70%146.85%

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