DDM Analysis: 9432.T

Valuation Snapshot

Stable Growth	$169.91 - $301.54	$225.52
Multi-Stage	$271.43 - $298.00	$284.46
Blended Fair Value	$254.99
Current Price	$154.70
Upside	64.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.24%	8.14%	5.27	5.03	5.06	4.79	4.32	4.28	3.78	3.27	2.99	2.41
YoY Growth	-	-	4.63%	-0.50%	5.68%	10.74%	1.03%	13.14%	15.55%	9.44%	23.88%	0.21%
Dividend Yield	-	-	3.42%	3.22%	2.97%	3.07%	3.73%	4.25%	3.68%	3.25%	2.82%	2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,040,875.00
(-) Cash Dividends Paid (M)	433,303.00
(=) Cash Retained (M)	607,572.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	208,175.00	130,109.38	78,065.63
Cash Retained (M)	607,572.00	607,572.00	607,572.00
(-) Cash Required (M)	-208,175.00	-130,109.38	-78,065.63
(=) Excess Retained (M)	399,397.00	477,462.63	529,506.38
(/) Shares Outstanding (M)	82,941.36	82,941.36	82,941.36
(=) Excess Retained per Share	4.82	5.76	6.38
LTM Dividend per Share	5.22	5.22	5.22
(+) Excess Retained per Share	4.82	5.76	6.38
(=) Adjusted Dividend	10.04	10.98	11.61
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	0.87%	1.87%	2.87%
Fair Value	$169.91	$225.52	$301.54
Upside / Downside	9.83%	45.78%	94.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,040,875.00	1,060,290.59	1,080,068.33	1,100,215.00	1,120,737.46	1,141,642.73	1,175,892.01
Payout Ratio	41.63%	51.30%	60.98%	70.65%	80.33%	90.00%	92.50%
Projected Dividends (M)	433,303.00	543,960.67	658,595.81	777,318.29	900,240.72	1,027,478.46	1,087,700.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	0.87%	1.87%	2.87%
Year 1 PV (M)	504,207.20	509,206.02	514,204.84
Year 2 PV (M)	565,850.95	577,126.50	588,513.28
Year 3 PV (M)	619,046.84	637,642.07	656,606.00
Year 4 PV (M)	664,545.65	691,293.95	718,841.70
Year 5 PV (M)	703,040.65	738,589.03	775,561.05
PV of Terminal Value (M)	19,456,086.11	20,439,859.06	21,463,030.18
Equity Value (M)	22,512,777.41	23,593,716.62	24,716,757.06
Shares Outstanding (M)	82,941.36	82,941.36	82,941.36
Fair Value	$271.43	$284.46	$298.00
Upside / Downside	75.46%	83.88%	92.63%

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NTT, Inc. (9432.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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