Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zanlakol Ltd (ZNKL.TA)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$64.81 - $128.28$89.71
Multi-Stage$49.61 - $54.11$51.82
Blended Fair Value$70.77
Current Price$46.97
Upside50.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.92%10.31%1.121.122.102.100.860.840.991.000.740.63
YoY Growth--0.00%-46.67%0.00%143.90%2.50%-15.49%-0.70%34.91%17.78%50.00%
Dividend Yield--2.89%4.07%11.79%9.18%4.72%4.43%6.88%4.95%3.78%4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)54.25
(-) Cash Dividends Paid (M)17.99
(=) Cash Retained (M)36.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.856.784.07
Cash Retained (M)36.2536.2536.25
(-) Cash Required (M)-10.85-6.78-4.07
(=) Excess Retained (M)25.4029.4732.18
(/) Shares Outstanding (M)14.3014.3014.30
(=) Excess Retained per Share1.782.062.25
LTM Dividend per Share1.261.261.26
(+) Excess Retained per Share1.782.062.25
(=) Adjusted Dividend3.033.323.51
WACC / Discount Rate10.44%10.44%10.44%
Growth Rate5.50%6.50%7.50%
Fair Value$64.81$89.71$128.28
Upside / Downside37.97%91.00%173.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)54.2557.7761.5365.5369.7874.3276.55
Payout Ratio33.17%44.54%55.90%67.27%78.63%90.00%92.50%
Projected Dividends (M)17.9925.7334.3944.0854.8766.8970.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.44%10.44%10.44%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)23.0823.3023.52
Year 2 PV (M)27.6728.2028.73
Year 3 PV (M)31.8132.7233.65
Year 4 PV (M)35.5236.8938.29
Year 5 PV (M)38.8340.7142.66
PV of Terminal Value (M)552.52579.21606.92
Equity Value (M)709.44741.03773.77
Shares Outstanding (M)14.3014.3014.30
Fair Value$49.61$51.82$54.11
Upside / Downside5.63%10.33%15.21%

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