DDM Analysis: 6326.T

Valuation Snapshot

Stable Growth	$5,642.09 - $29,917.69	$11,213.99
Multi-Stage	$3,819.86 - $4,182.83	$3,997.99
Blended Fair Value	$7,605.99
Current Price	$1,863.00
Upside	308.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.99%	4.38%	50.06	47.36	44.73	42.01	38.12	37.43	35.37	33.39	30.28	32.48
YoY Growth	-	-	5.71%	5.86%	6.48%	10.22%	1.83%	5.82%	5.92%	10.28%	-6.76%	-0.37%
Dividend Yield	-	-	2.73%	1.99%	2.24%	1.82%	1.51%	2.71%	2.20%	1.79%	1.81%	2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174,483.00
(-) Cash Dividends Paid (M)	57,178.00
(=) Cash Retained (M)	117,305.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34,896.60	21,810.38	13,086.23
Cash Retained (M)	117,305.00	117,305.00	117,305.00
(-) Cash Required (M)	-34,896.60	-21,810.38	-13,086.23
(=) Excess Retained (M)	82,408.40	95,494.63	104,218.78
(/) Shares Outstanding (M)	1,150.50	1,150.50	1,150.50
(=) Excess Retained per Share	71.63	83.00	90.59
LTM Dividend per Share	49.70	49.70	49.70
(+) Excess Retained per Share	71.63	83.00	90.59
(=) Adjusted Dividend	121.33	132.70	140.28
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.63%	5.63%	6.63%
Fair Value	$5,642.09	$11,213.99	$29,917.69
Upside / Downside	202.85%	501.93%	1,505.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174,483.00	184,311.45	194,693.52	205,660.41	217,245.05	229,482.24	236,366.71
Payout Ratio	32.77%	44.22%	55.66%	67.11%	78.55%	90.00%	92.50%
Projected Dividends (M)	57,178.00	81,495.08	108,370.26	138,014.55	170,654.66	206,534.02	218,639.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.63%	5.63%	6.63%
Year 1 PV (M)	75,525.26	76,247.07	76,968.88
Year 2 PV (M)	93,074.72	94,862.29	96,666.87
Year 3 PV (M)	109,851.84	113,031.67	116,272.28
Year 4 PV (M)	125,881.35	130,763.09	135,785.45
Year 5 PV (M)	141,187.31	148,064.30	155,206.70
PV of Terminal Value (M)	3,849,243.91	4,036,734.01	4,231,459.83
Equity Value (M)	4,394,764.38	4,599,702.43	4,812,360.01
Shares Outstanding (M)	1,150.50	1,150.50	1,150.50
Fair Value	$3,819.86	$3,997.99	$4,182.83
Upside / Downside	105.04%	114.60%	124.52%

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Kubota Corporation (6326.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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