DDM Analysis: 8593.T

Valuation Snapshot

Stable Growth	$2,750.55 - $7,677.02	$4,271.00
Multi-Stage	$1,877.94 - $2,050.83	$1,962.82
Blended Fair Value	$3,116.91
Current Price	$1,222.50
Upside	154.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.89%	21.84%	38.97	35.96	29.95	20.64	15.64	16.41	12.38	8.81	8.25	6.55
YoY Growth	-	-	8.38%	20.04%	45.11%	31.96%	-4.66%	32.57%	40.43%	6.78%	25.99%	21.18%
Dividend Yield	-	-	3.67%	3.35%	3.51%	3.30%	2.63%	3.22%	2.13%	1.29%	1.34%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	162,236.00
(-) Cash Dividends Paid (M)	56,058.00
(=) Cash Retained (M)	106,178.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32,447.20	20,279.50	12,167.70
Cash Retained (M)	106,178.00	106,178.00	106,178.00
(-) Cash Required (M)	-32,447.20	-20,279.50	-12,167.70
(=) Excess Retained (M)	73,730.80	85,898.50	94,010.30
(/) Shares Outstanding (M)	1,438.39	1,438.39	1,438.39
(=) Excess Retained per Share	51.26	59.72	65.36
LTM Dividend per Share	38.97	38.97	38.97
(+) Excess Retained per Share	51.26	59.72	65.36
(=) Adjusted Dividend	90.23	98.69	104.33
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,750.55	$4,271.00	$7,677.02
Upside / Downside	124.99%	249.37%	527.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	162,236.00	172,781.34	184,012.13	195,972.92	208,711.15	222,277.38	228,945.70
Payout Ratio	34.55%	45.64%	56.73%	67.82%	78.91%	90.00%	92.50%
Projected Dividends (M)	56,058.00	78,862.06	104,393.80	132,911.47	164,695.38	200,049.64	211,774.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.96%	8.96%	8.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	71,696.87	72,376.46	73,056.05
Year 2 PV (M)	86,285.71	87,929.21	89,588.21
Year 3 PV (M)	99,875.44	102,742.50	105,663.92
Year 4 PV (M)	112,514.82	116,841.82	121,292.44
Year 5 PV (M)	124,250.51	130,251.86	136,482.89
PV of Terminal Value (M)	2,206,587.43	2,313,166.43	2,423,824.46
Equity Value (M)	2,701,210.77	2,823,308.28	2,949,907.97
Shares Outstanding (M)	1,438.39	1,438.39	1,438.39
Fair Value	$1,877.94	$1,962.82	$2,050.83
Upside / Downside	53.61%	60.56%	67.76%

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Financial Statements

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Mitsubishi HC Capital Inc. (8593.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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