Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujitsu Limited (6702.T)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$1,423.14 - $1,972.92$1,698.98
Multi-Stage$2,273.52 - $2,502.06$2,385.54
Blended Fair Value$2,042.26
Current Price$3,484.00
Upside-41.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS8.84%11.58%27.5826.2225.1723.2122.3018.0614.8411.429.219.22
YoY Growth--5.17%4.18%8.47%4.06%23.51%21.64%30.02%23.89%-0.01%-0.01%
Dividend Yield--0.78%1.03%1.35%1.37%1.07%1.43%1.97%1.70%1.11%2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)446,173.00
(-) Cash Dividends Paid (M)50,506.00
(=) Cash Retained (M)395,667.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)89,234.6055,771.6333,462.98
Cash Retained (M)395,667.00395,667.00395,667.00
(-) Cash Required (M)-89,234.60-55,771.63-33,462.98
(=) Excess Retained (M)306,432.40339,895.38362,204.03
(/) Shares Outstanding (M)1,796.051,796.051,796.05
(=) Excess Retained per Share170.61189.25201.67
LTM Dividend per Share28.1228.1228.12
(+) Excess Retained per Share170.61189.25201.67
(=) Adjusted Dividend198.73217.37229.79
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate-3.65%-2.65%-1.65%
Fair Value$1,423.14$1,698.98$1,972.92
Upside / Downside-59.15%-51.23%-43.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)446,173.00434,355.75422,851.49411,651.93400,749.00390,134.84401,838.89
Payout Ratio11.32%27.06%42.79%58.53%74.26%90.00%92.50%
Projected Dividends (M)50,506.00117,518.68180,946.16240,931.35297,612.10351,121.36371,700.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate-3.65%-2.65%-1.65%
Year 1 PV (M)105,924.09107,023.44108,122.80
Year 2 PV (M)147,002.62150,069.84153,168.72
Year 3 PV (M)176,423.67181,974.01187,639.55
Year 4 PV (M)196,427.34204,709.80213,251.46
Year 5 PV (M)208,879.81219,946.63231,477.63
PV of Terminal Value (M)3,248,703.293,420,825.373,600,166.81
Equity Value (M)4,083,360.824,284,549.084,493,826.97
Shares Outstanding (M)1,796.051,796.051,796.05
Fair Value$2,273.52$2,385.54$2,502.06
Upside / Downside-34.74%-31.53%-28.18%

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