Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

KDDI Corporation (9433.T)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$2,155.61 - $3,619.41$2,797.53
Multi-Stage$3,476.54 - $3,816.54$3,643.29
Blended Fair Value$3,220.41
Current Price$2,360.50
Upside36.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.22%8.64%72.5875.2972.6468.6669.8365.0257.6155.6346.9141.20
YoY Growth---3.59%3.64%5.81%-1.68%7.39%12.87%3.55%18.58%13.88%30.03%
Dividend Yield--2.93%3.47%3.26%3.20%4.03%4.02%4.18%3.67%3.15%2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)712,198.00
(-) Cash Dividends Paid (M)290,382.00
(=) Cash Retained (M)421,816.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)142,439.6089,024.7553,414.85
Cash Retained (M)421,816.00421,816.00421,816.00
(-) Cash Required (M)-142,439.60-89,024.75-53,414.85
(=) Excess Retained (M)279,376.40332,791.25368,401.15
(/) Shares Outstanding (M)3,952.503,952.503,952.50
(=) Excess Retained per Share70.6884.2093.21
LTM Dividend per Share73.4773.4773.47
(+) Excess Retained per Share70.6884.2093.21
(=) Adjusted Dividend144.15157.67166.67
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate0.47%1.47%2.47%
Fair Value$2,155.61$2,797.53$3,619.41
Upside / Downside-8.68%18.51%53.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)712,198.00722,696.53733,349.81744,160.14755,129.82766,261.21789,249.04
Payout Ratio40.77%50.62%60.46%70.31%80.15%90.00%92.50%
Projected Dividends (M)290,382.00365,815.40443,409.63523,212.00605,270.76689,635.08730,055.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate0.47%1.47%2.47%
Year 1 PV (M)337,904.68341,267.78344,630.88
Year 2 PV (M)378,328.94385,897.29393,540.59
Year 3 PV (M)412,357.94424,793.26437,476.09
Year 4 PV (M)440,634.59458,440.44476,780.55
Year 5 PV (M)463,746.30487,288.18511,776.57
PV of Terminal Value (M)11,708,066.5512,302,421.4012,920,672.59
Equity Value (M)13,741,038.9914,400,108.3415,084,877.29
Shares Outstanding (M)3,952.503,952.503,952.50
Fair Value$3,476.54$3,643.29$3,816.54
Upside / Downside47.28%54.34%61.68%

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