DDM Analysis: 6701.T

Valuation Snapshot

Stable Growth	$7,823.16 - $34,807.85	$18,365.31
Multi-Stage	$4,542.28 - $4,976.52	$4,755.38
Blended Fair Value	$11,560.35
Current Price	$4,739.00
Upside	143.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.79%	12.85%	26.02	23.00	21.40	20.45	15.98	13.64	11.69	11.69	11.70	7.78
YoY Growth	-	-	13.14%	7.48%	4.63%	28.00%	17.16%	16.62%	0.00%	-0.04%	50.39%	0.10%
Dividend Yield	-	-	0.62%	0.87%	1.54%	1.94%	1.40%	1.32%	1.36%	1.92%	1.96%	1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	234,553.00
(-) Cash Dividends Paid (M)	37,356.00
(=) Cash Retained (M)	197,197.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46,910.60	29,319.13	17,591.48
Cash Retained (M)	197,197.00	197,197.00	197,197.00
(-) Cash Required (M)	-46,910.60	-29,319.13	-17,591.48
(=) Excess Retained (M)	150,286.40	167,877.88	179,605.53
(/) Shares Outstanding (M)	1,332.71	1,332.71	1,332.71
(=) Excess Retained per Share	112.77	125.97	134.77
LTM Dividend per Share	28.03	28.03	28.03
(+) Excess Retained per Share	112.77	125.97	134.77
(=) Adjusted Dividend	140.80	154.00	162.80
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	4.91%	5.91%	6.91%
Fair Value	$7,823.16	$18,365.31	$34,807.85
Upside / Downside	65.08%	287.54%	634.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	234,553.00	248,404.67	263,074.35	278,610.36	295,063.86	312,489.03	321,863.70
Payout Ratio	15.93%	30.74%	45.56%	60.37%	75.19%	90.00%	92.50%
Projected Dividends (M)	37,356.00	76,362.50	119,845.83	168,198.71	221,844.63	281,240.13	297,723.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	4.91%	5.91%	6.91%
Year 1 PV (M)	70,829.58	71,504.76	72,179.93
Year 2 PV (M)	103,107.90	105,083.00	107,076.84
Year 3 PV (M)	134,222.77	138,097.86	142,046.83
Year 4 PV (M)	164,205.22	170,556.39	177,090.03
Year 5 PV (M)	193,085.59	202,465.54	212,206.55
PV of Terminal Value (M)	5,388,087.33	5,649,836.75	5,921,661.23
Equity Value (M)	6,053,538.40	6,337,544.30	6,632,261.41
Shares Outstanding (M)	1,332.71	1,332.71	1,332.71
Fair Value	$4,542.28	$4,755.38	$4,976.52
Upside / Downside	-4.15%	0.35%	5.01%

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NEC Corporation (6701.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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