Fujitsu Limited operates as an information and communication technology company in Japan and internationally. The company operates through three segments: Technology Solutions, Ubiquitous Solutions, and Device Solutions. The company offers multi cloud and hybrid IT services; assessment and consultative services; SAP landscape transformation services; new workplace; datacentre products comprising integrated systems, storage solutions, servers, network switches, and infrastructure management; workplace products including personal computers, workstations, thin clients, displays, and peripheral devices; consumption based IT services; installation and implementation services; and hardware, software, and infrastructure support services, as well as electronic devices, air conditioning products, and network solutions. It also provides cyber security solutions, including cyber security consulting, managed security servies, and security operation and advanced threat centers; internet of things, artificial intelligence platform and solutions; and software products comprising FUJITSU Software Infrastructure Manager and FUJITSU Software ServerView Suite. Further, the company offers electronic components, such as semiconductor packages and batteries. It serves automotive, manufacturing, retail, financial services, transport, telecommunications, healthcare, and energy and utilities industries; the public sectors; and services providers. Fujitsu Limited was founded in 1923 and is headquartered in Tokyo, Japan.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	3,713,767	3,756,059	3,550,116	3,523,548	3,640,007.7	3,773,284.4	3,773,284.4	3,773,284.4
Revenue % Chg.	3.5%	1.1%	-5.5%
EBIT	278,347	255,375	238,937	363,092.5	415,667	467,451.8	467,451.8	467,451.8
EBIT Margin	7.5%	6.8%	6.7%
Tax Rate	34.2%	-49.7%	23.4%
NOPAT	183,280.1	382,216.7	183,127.3	261,547.6	300,250.1	337,032.7	337,032.7	337,032.7
NOPAT Margin	4.9%	10.2%	5.2%	7.4%	8.2%	8.9%	8.9%	8.9%
D&A	179,228	185,564	160,894	141,552.5	148,520	153,421.2	153,421.2	153,421.2
D&A / Revenue	4.8%	4.9%	4.5%
Capex	-168,098	-195,839	-160,898	-127,500	-130,233.3	-133,033.3	-133,033.3	-133,033.3
Capex / Revenue	-4.5%	-5.2%	-4.5%
Chg. NWC	-208,350	101,758	-72,986	-58,219.7	-60,144	-62,346.2	-62,346.2	-62,346.2
Chg. NWC / Revenue	-5.6%	2.7%	-2.1%
Unlevered FCF (UFCF)	-13,939.9	473,699.7	110,137.3	217,380.4	258,392.8	295,074.5	295,074.5	295,074.5
UFCF % Chg.	-108.2%	-3,498.2%	-76.7%	97.4%	18.9%	14.2%	—	—
PV of UFCF	—	—	—	198,107.5	214,605.9	223,343.7	203,542.1	185,496.2
Sum of PV of UFCF	—	—	—	198,107.5	412,713.5	636,057.1	839,599.3	1,025,095.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	247,092
Market Cap	1,125,161,217.3
Total Capital	1,125,408,309.3
Debt Weighting	0%
Equity Weighting	100%
WACC	9.7%

Exit Multiple EV/FCF
Terminal Value	1,058,129,123.6
PV of Terminal Value	606,209,475.4
Cumulative PV of UFCF	1,025,095.5
Net Debt	-450,281
Equity Value	607,684,851.8
Shares Outstanding	1,765.4
Implied Share Price	344,218.3
Current Share Price	4,468.7
Implied Upside / (Downside)	7,602.9%