DDM Analysis: 7011.T

Valuation Snapshot

Stable Growth	$12,722.79 - $14,989.61	$14,047.46
Multi-Stage	$8,728.21 - $9,578.65	$9,145.50
Blended Fair Value	$11,596.48
Current Price	$3,879.00
Upside	198.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.46%	9.86%	22.97	14.97	11.47	11.97	7.64	13.97	12.47	11.97	11.99	11.99
YoY Growth	-	-	53.44%	30.52%	-4.21%	56.71%	-45.31%	12.04%	4.18%	-0.19%	0.03%	33.61%
Dividend Yield	-	-	0.64%	0.86%	1.71%	2.52%	2.34%	5.49%	2.62%	2.97%	2.61%	2.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	253,242.00
(-) Cash Dividends Paid (M)	77,130.00
(=) Cash Retained (M)	176,112.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50,648.40	31,655.25	18,993.15
Cash Retained (M)	176,112.00	176,112.00	176,112.00
(-) Cash Required (M)	-50,648.40	-31,655.25	-18,993.15
(=) Excess Retained (M)	125,463.60	144,456.75	157,118.85
(/) Shares Outstanding (M)	3,359.90	3,359.90	3,359.90
(=) Excess Retained per Share	37.34	42.99	46.76
LTM Dividend per Share	22.96	22.96	22.96
(+) Excess Retained per Share	37.34	42.99	46.76
(=) Adjusted Dividend	60.30	65.95	69.72
WACC / Discount Rate	2.12%	2.12%	2.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12,722.79	$14,047.46	$14,989.61
Upside / Downside	227.99%	262.14%	286.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	253,242.00	269,702.73	287,233.41	305,903.58	325,787.31	346,963.49	357,372.39
Payout Ratio	30.46%	42.37%	54.27%	66.18%	78.09%	90.00%	92.50%
Projected Dividends (M)	77,130.00	114,261.25	155,893.69	202,455.59	254,411.89	312,267.14	330,569.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.12%	2.12%	2.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	110,835.77	111,886.35	112,936.92
Year 2 PV (M)	146,686.61	149,480.58	152,300.91
Year 3 PV (M)	184,787.55	190,092.13	195,497.28
Year 4 PV (M)	225,248.18	233,910.59	242,820.48
Year 5 PV (M)	268,182.94	281,136.27	294,585.36
PV of Terminal Value (M)	28,390,143.55	29,761,398.10	31,185,133.79
Equity Value (M)	29,325,884.60	30,727,904.03	32,183,274.74
Shares Outstanding (M)	3,359.90	3,359.90	3,359.90
Fair Value	$8,728.21	$9,145.50	$9,578.65
Upside / Downside	125.01%	135.77%	146.94%

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Mitsubishi Heavy Industries, Ltd. (7011.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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