Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Partron Co., Ltd. (091700.KQ)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$5,490.23 - $8,604.92$6,921.45
Multi-Stage$7,044.68 - $7,701.70$7,367.09
Blended Fair Value$7,144.27
Current Price$6,370.00
Upside12.15%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.98%-1.97%246.99302.76361.46235.98333.53203.19212.89240.60243.80248.83
YoY Growth---18.42%-16.24%53.17%-29.25%64.15%-4.56%-11.52%-1.31%-2.02%-17.47%
Dividend Yield--3.69%3.78%4.38%2.17%3.12%2.66%1.58%2.77%2.12%2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)29,275.89
(-) Cash Dividends Paid (M)15,139.51
(=) Cash Retained (M)14,136.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,855.183,659.492,195.69
Cash Retained (M)14,136.3914,136.3914,136.39
(-) Cash Required (M)-5,855.18-3,659.49-2,195.69
(=) Excess Retained (M)8,281.2110,476.9011,940.69
(/) Shares Outstanding (M)53.6153.6153.61
(=) Excess Retained per Share154.49195.45222.75
LTM Dividend per Share282.43282.43282.43
(+) Excess Retained per Share154.49195.45222.75
(=) Adjusted Dividend436.91477.87505.18
WACC / Discount Rate9.52%9.52%9.52%
Growth Rate1.45%2.45%3.45%
Fair Value$5,490.23$6,921.45$8,604.92
Upside / Downside-13.81%8.66%35.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)29,275.8929,992.9530,727.5731,480.1832,251.2333,041.1634,032.39
Payout Ratio51.71%59.37%67.03%74.69%82.34%90.00%92.50%
Projected Dividends (M)15,139.5117,806.9820,596.0523,511.0626,556.5129,737.0431,479.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.52%9.52%9.52%
Growth Rate1.45%2.45%3.45%
Year 1 PV (M)16,100.0316,258.7316,417.43
Year 2 PV (M)16,836.6817,170.2417,507.07
Year 3 PV (M)17,377.2517,896.2018,425.38
Year 4 PV (M)17,746.6418,456.7819,188.02
Year 5 PV (M)17,967.1418,870.3019,809.41
PV of Terminal Value (M)291,604.25306,262.31321,503.98
Equity Value (M)377,632.00394,914.56412,851.30
Shares Outstanding (M)53.6153.6153.61
Fair Value$7,044.68$7,367.09$7,701.70
Upside / Downside10.59%15.65%20.91%

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