Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

RIDE ON EXPRESS HOLDINGS Co., Ltd. (6082.T)

Company Dividend Discount ModelIndustry: RestaurantsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$443.91 - $679.39$553.91
Multi-Stage$625.94 - $687.15$655.96
Blended Fair Value$604.94
Current Price$1,002.00
Upside-39.63%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.72%0.00%14.8729.8631.0732.8321.5010.7410.7710.6610.5410.33
YoY Growth---50.20%-3.90%-5.35%52.67%100.12%-0.25%1.03%1.14%2.01%0.00%
Dividend Yield--1.48%2.84%2.94%2.72%1.51%0.41%0.91%0.55%1.04%0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)472.19
(-) Cash Dividends Paid (M)72.38
(=) Cash Retained (M)399.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)94.4459.0235.41
Cash Retained (M)399.82399.82399.82
(-) Cash Required (M)-94.44-59.02-35.41
(=) Excess Retained (M)305.38340.79364.40
(/) Shares Outstanding (M)9.789.789.78
(=) Excess Retained per Share31.2434.8637.28
LTM Dividend per Share7.407.407.40
(+) Excess Retained per Share31.2434.8637.28
(=) Adjusted Dividend38.6442.2644.68
WACC / Discount Rate8.87%8.87%8.87%
Growth Rate0.15%1.15%2.15%
Fair Value$443.91$553.91$679.39
Upside / Downside-55.70%-44.72%-32.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)472.19477.62483.10488.65494.27499.95514.94
Payout Ratio15.33%30.26%45.20%60.13%75.07%90.00%92.50%
Projected Dividends (M)72.38144.54218.35293.83371.02449.95476.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.87%8.87%8.87%
Growth Rate0.15%1.15%2.15%
Year 1 PV (M)131.45132.77134.08
Year 2 PV (M)180.61184.23187.89
Year 3 PV (M)221.04227.73234.55
Year 4 PV (M)253.84264.14274.74
Year 5 PV (M)279.98294.24309.07
PV of Terminal Value (M)5,052.215,309.545,577.24
Equity Value (M)6,119.136,412.636,717.57
Shares Outstanding (M)9.789.789.78
Fair Value$625.94$655.96$687.15
Upside / Downside-37.53%-34.54%-31.42%

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