Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Chori Co., Ltd. (8014.T)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$4,986.25 - $8,382.41$6,473.79
Multi-Stage$3,920.29 - $4,278.37$4,096.11
Blended Fair Value$5,284.95
Current Price$3,935.00
Upside34.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS13.45%14.02%121.57113.0991.7164.8445.8164.6861.6844.7653.6533.76
YoY Growth--7.50%23.32%41.43%41.54%-29.17%4.87%37.81%-16.57%58.89%3.10%
Dividend Yield--3.01%3.17%3.10%3.32%2.66%3.51%3.46%2.29%2.56%2.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9,733.00
(-) Cash Dividends Paid (M)741.50
(=) Cash Retained (M)8,991.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,946.601,216.63729.98
Cash Retained (M)8,991.508,991.508,991.50
(-) Cash Required (M)-1,946.60-1,216.63-729.98
(=) Excess Retained (M)7,044.907,774.888,261.53
(/) Shares Outstanding (M)24.6424.6424.64
(=) Excess Retained per Share285.87315.49335.24
LTM Dividend per Share30.0930.0930.09
(+) Excess Retained per Share285.87315.49335.24
(=) Adjusted Dividend315.96345.58365.33
WACC / Discount Rate12.19%12.19%12.19%
Growth Rate5.50%6.50%7.50%
Fair Value$4,986.25$6,473.79$8,382.41
Upside / Downside26.72%64.52%113.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,733.0010,365.6511,039.4111,756.9712,521.1813,335.0513,735.11
Payout Ratio7.62%24.09%40.57%57.05%73.52%90.00%92.50%
Projected Dividends (M)741.502,497.574,478.806,707.049,206.0312,001.5512,704.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate12.19%12.19%12.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,205.392,226.302,247.20
Year 2 PV (M)3,492.183,558.703,625.84
Year 3 PV (M)4,617.784,750.344,885.41
Year 4 PV (M)5,596.835,812.076,033.45
Year 5 PV (M)6,442.796,753.987,077.08
PV of Terminal Value (M)74,254.5377,841.0581,564.84
Equity Value (M)96,609.50100,942.43105,433.82
Shares Outstanding (M)24.6424.6424.64
Fair Value$3,920.29$4,096.11$4,278.37
Upside / Downside-0.37%4.09%8.73%

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