DDM Analysis: 6902.T

Valuation Snapshot

Stable Growth	$3,111.91 - $7,667.29	$4,648.83
Multi-Stage	$2,233.27 - $2,436.50	$2,333.05
Blended Fair Value	$3,490.94
Current Price	$1,950.50
Upside	78.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.72%	7.98%	63.15	51.09	46.46	40.54	37.96	37.96	36.86	34.23	33.24	34.28
YoY Growth	-	-	23.59%	9.98%	14.60%	6.80%	0.00%	2.98%	7.68%	2.99%	-3.04%	17.02%
Dividend Yield	-	-	3.24%	2.02%	1.93%	2.25%	2.00%	3.61%	3.18%	2.53%	2.80%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	403,890.00
(-) Cash Dividends Paid (M)	183,308.00
(=) Cash Retained (M)	220,582.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80,778.00	50,486.25	30,291.75
Cash Retained (M)	220,582.00	220,582.00	220,582.00
(-) Cash Required (M)	-80,778.00	-50,486.25	-30,291.75
(=) Excess Retained (M)	139,804.00	170,095.75	190,290.25
(/) Shares Outstanding (M)	2,858.04	2,858.04	2,858.04
(=) Excess Retained per Share	48.92	59.51	66.58
LTM Dividend per Share	64.14	64.14	64.14
(+) Excess Retained per Share	48.92	59.51	66.58
(=) Adjusted Dividend	113.05	123.65	130.72
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,111.91	$4,648.83	$7,667.29
Upside / Downside	59.54%	138.34%	293.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	403,890.00	430,142.85	458,102.14	487,878.77	519,590.89	553,364.30	569,965.23
Payout Ratio	45.39%	54.31%	63.23%	72.15%	81.08%	90.00%	92.50%
Projected Dividends (M)	183,308.00	233,604.13	289,664.28	352,025.27	421,269.36	498,027.87	527,217.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	211,657.23	213,663.46	215,669.69
Year 2 PV (M)	237,793.57	242,322.87	246,894.90
Year 3 PV (M)	261,837.35	269,353.76	277,012.66
Year 4 PV (M)	283,903.16	294,821.27	306,051.31
Year 5 PV (M)	304,100.11	318,788.26	334,038.56
PV of Terminal Value (M)	5,083,476.38	5,329,010.19	5,583,941.16
Equity Value (M)	6,382,767.80	6,667,959.82	6,963,608.27
Shares Outstanding (M)	2,858.04	2,858.04	2,858.04
Fair Value	$2,233.27	$2,333.05	$2,436.50
Upside / Downside	14.50%	19.61%	24.92%

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DENSO Corporation (6902.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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