Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NTT, Inc. (9432.T)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

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
Upside64.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.24%8.14%5.275.035.064.794.324.283.783.272.992.41
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)208,175.00130,109.3878,065.63
Cash Retained (M)607,572.00607,572.00607,572.00
(-) Cash Required (M)-208,175.00-130,109.38-78,065.63
(=) Excess Retained (M)399,397.00477,462.63529,506.38
(/) Shares Outstanding (M)82,941.3682,941.3682,941.36
(=) Excess Retained per Share4.825.766.38
LTM Dividend per Share5.225.225.22
(+) Excess Retained per Share4.825.766.38
(=) Adjusted Dividend10.0410.9811.61
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate0.87%1.87%2.87%
Fair Value$169.91$225.52$301.54
Upside / Downside9.83%45.78%94.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,040,875.001,060,290.591,080,068.331,100,215.001,120,737.461,141,642.731,175,892.01
Payout Ratio41.63%51.30%60.98%70.65%80.33%90.00%92.50%
Projected Dividends (M)433,303.00543,960.67658,595.81777,318.29900,240.721,027,478.461,087,700.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate0.87%1.87%2.87%
Year 1 PV (M)504,207.20509,206.02514,204.84
Year 2 PV (M)565,850.95577,126.50588,513.28
Year 3 PV (M)619,046.84637,642.07656,606.00
Year 4 PV (M)664,545.65691,293.95718,841.70
Year 5 PV (M)703,040.65738,589.03775,561.05
PV of Terminal Value (M)19,456,086.1120,439,859.0621,463,030.18
Equity Value (M)22,512,777.4123,593,716.6224,716,757.06
Shares Outstanding (M)82,941.3682,941.3682,941.36
Fair Value$271.43$284.46$298.00
Upside / Downside75.46%83.88%92.63%

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