DDM Analysis: 6501.T

Valuation Snapshot

Stable Growth	$1,924.84 - $3,391.71	$2,547.31
Multi-Stage	$1,544.31 - $1,682.94	$1,612.39
Blended Fair Value	$2,079.85
Current Price	$4,205.00
Upside	-50.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.57%	13.05%	41.14	31.41	28.07	24.18	21.02	19.95	16.80	14.70	12.61	12.60
YoY Growth	-	-	30.98%	11.89%	16.06%	15.05%	5.36%	18.79%	14.25%	16.63%	0.05%	4.44%
Dividend Yield	-	-	0.98%	0.84%	1.58%	1.88%	1.65%	2.93%	2.08%	1.88%	1.83%	2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	632,603.00
(-) Cash Dividends Paid (M)	197,841.00
(=) Cash Retained (M)	434,762.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126,520.60	79,075.38	47,445.23
Cash Retained (M)	434,762.00	434,762.00	434,762.00
(-) Cash Required (M)	-126,520.60	-79,075.38	-47,445.23
(=) Excess Retained (M)	308,241.40	355,686.63	387,316.78
(/) Shares Outstanding (M)	4,595.85	4,595.85	4,595.85
(=) Excess Retained per Share	67.07	77.39	84.28
LTM Dividend per Share	43.05	43.05	43.05
(+) Excess Retained per Share	67.07	77.39	84.28
(=) Adjusted Dividend	110.12	120.44	127.32
WACC / Discount Rate	11.54%	11.54%	11.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,924.84	$2,547.31	$3,391.71
Upside / Downside	-54.22%	-39.42%	-19.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	632,603.00	673,722.20	717,514.14	764,152.56	813,822.47	866,720.93	892,722.56
Payout Ratio	31.27%	43.02%	54.76%	66.51%	78.25%	90.00%	92.50%
Projected Dividends (M)	197,841.00	289,830.53	392,942.81	508,235.17	636,855.34	780,048.84	825,768.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.54%	11.54%	11.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	257,415.02	259,854.98	262,294.93
Year 2 PV (M)	309,962.31	315,866.22	321,825.82
Year 3 PV (M)	356,068.87	366,290.33	376,705.55
Year 4 PV (M)	396,277.90	411,517.63	427,192.75
Year 5 PV (M)	431,092.65	451,914.59	473,533.43
PV of Terminal Value (M)	5,346,610.16	5,604,853.43	5,872,980.28
Equity Value (M)	7,097,426.92	7,410,297.18	7,734,532.77
Shares Outstanding (M)	4,595.85	4,595.85	4,595.85
Fair Value	$1,544.31	$1,612.39	$1,682.94
Upside / Downside	-63.27%	-61.66%	-59.98%

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Hitachi, Ltd. (6501.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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