DDM Analysis: 6503.T

Valuation Snapshot

Stable Growth	$3,619.37 - $7,967.87	$5,206.65
Multi-Stage	$4,569.73 - $5,015.33	$4,788.32
Blended Fair Value	$4,997.48
Current Price	$3,111.00
Upside	60.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.97%	9.28%	50.29	46.74	40.75	41.32	37.26	41.40	41.40	33.12	27.94	27.94
YoY Growth	-	-	7.60%	14.70%	-1.40%	10.92%	-10.00%	0.00%	25.00%	18.52%	0.00%	35.00%
Dividend Yield	-	-	1.62%	1.83%	2.01%	2.85%	2.31%	2.96%	2.80%	2.25%	1.73%	2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	394,787.00
(-) Cash Dividends Paid (M)	103,932.00
(=) Cash Retained (M)	290,855.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78,957.40	49,348.38	29,609.03
Cash Retained (M)	290,855.00	290,855.00	290,855.00
(-) Cash Required (M)	-78,957.40	-49,348.38	-29,609.03
(=) Excess Retained (M)	211,897.60	241,506.63	261,245.98
(/) Shares Outstanding (M)	2,074.36	2,074.36	2,074.36
(=) Excess Retained per Share	102.15	116.42	125.94
LTM Dividend per Share	50.10	50.10	50.10
(+) Excess Retained per Share	102.15	116.42	125.94
(=) Adjusted Dividend	152.25	166.53	176.04
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.35%	3.35%	4.35%
Fair Value	$3,619.37	$5,206.65	$7,967.87
Upside / Downside	16.34%	67.36%	156.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	394,787.00	408,018.49	421,693.45	435,826.72	450,433.68	465,530.20	479,496.11
Payout Ratio	26.33%	39.06%	51.80%	64.53%	77.27%	90.00%	92.50%
Projected Dividends (M)	103,932.00	159,375.60	218,418.89	281,240.89	348,028.57	418,977.18	443,533.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	2.35%	3.35%	4.35%
Year 1 PV (M)	147,982.18	149,428.01	150,873.83
Year 2 PV (M)	188,306.55	192,004.12	195,737.65
Year 3 PV (M)	225,134.11	231,797.64	238,591.37
Year 4 PV (M)	258,681.48	268,940.13	279,500.93
Year 5 PV (M)	289,153.48	303,557.71	318,530.35
PV of Terminal Value (M)	8,370,022.06	8,786,976.27	9,220,383.89
Equity Value (M)	9,479,279.85	9,932,703.89	10,403,618.03
Shares Outstanding (M)	2,074.36	2,074.36	2,074.36
Fair Value	$4,569.73	$4,788.32	$5,015.33
Upside / Downside	46.89%	53.92%	61.21%

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Mitsubishi Electric Corporation (6503.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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