KDDI Corporation provides telecommunications services in Japan and internationally. It operates in two segments, Personal Services and Business Services. The Personal Services segment offers smartphone, mobile phone, and other mobile communication services, as well as fixed-line services under the au Hikari brand; MVNO services; mobile services under the au brand; and voice communications, data transmission, FTTH services, and CATV services. It also provides smartphone-centric payment, financial, and other services through au PAY gateway; au HOME, an IoT service that watches over pets using sensors and cameras; au Denki to conserve energy usage; AEON, an English conversation school. The Business Services segment offers data center services to corporate customers under the TELEHOUSE brand; and various solutions for network and cloud services, smartphones, and other devices. It is also involved in the provision of broadcasting, wireless broadband, mail order, IT support, call center, and temporary personnel services; and design, construction, maintenance, and operation support for communication equipment and submarine cable. The company was founded in 1953 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	5,671,762	5,754,047	5,917,953	6,142,966.5	6,347,589.2	6,540,375.2	6,540,375.2	6,540,375.2
Revenue % Chg.	4.1%	1.5%	2.8%
EBIT	1,014,206	934,644	1,091,280	1,173,347	1,235,773.2	1,280,057.5	1,280,057.5	1,280,057.5
EBIT Margin	17.9%	16.2%	18.4%
Tax Rate	31.5%	33.9%	30.6%
NOPAT	694,776.7	617,718.4	756,852.9	816,942.8	856,081.9	886,759.8	886,759.8	886,759.8
NOPAT Margin	12.2%	10.7%	12.8%	13.3%	13.5%	13.6%	13.6%	13.6%
D&A	697,152	687,349	686,788	701,122	708,538.8	713,278.5	713,278.5	713,278.5
D&A / Revenue	12.3%	11.9%	11.6%
Capex	-394,652	-523,940	-400,947	-724,965.6	-712,529.1	-718,647.2	-718,647.2	-718,647.2
Capex / Revenue	-7%	-9.1%	-6.8%
Chg. NWC	-406,769	295,842	-222,717	-118,636.7	-122,588.5	-126,311.7	-126,311.7	-126,311.7
Chg. NWC / Revenue	-7.2%	5.1%	-3.8%
Unlevered FCF (UFCF)	590,507.7	1,076,969.4	819,976.9	674,462.6	729,503.2	755,079.5	755,079.5	755,079.5
UFCF % Chg.	-44.9%	82.4%	-23.9%	-17.7%	8.2%	3.5%	—	—
PV of UFCF	—	—	—	614,805.4	606,159.2	571,915.6	521,328.8	475,216.5
Sum of PV of UFCF	—	—	—	614,805.4	1,220,964.6	1,792,880.2	2,314,209	2,789,425.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	0.4%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	4,437,561
Market Cap	1,565,732,849.6
Total Capital	1,570,170,410.6
Debt Weighting	0.3%
Equity Weighting	99.7%
WACC	9.7%

Exit Multiple EV/FCF
Terminal Value	2,280,334,949.3
PV of Terminal Value	1,308,209,384.3
Cumulative PV of UFCF	2,789,425.5
Net Debt	4,098,921
Equity Value	1,306,899,888.9
Shares Outstanding	3,807.1
Implied Share Price	343,281.6
Current Share Price	2,379.4
Implied Upside / (Downside)	14,327.5%