Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Bena Steel Industries Co. (9563.SR)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$14.04 - $20.26$17.07
Multi-Stage$24.78 - $27.11$25.92
Blended Fair Value$21.50
Current Price$40.00
Upside-46.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.780.051.072.400.000.000.000.000.000.00
YoY Growth--1,376.87%-95.04%-55.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%0.16%2.72%6.11%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.28
(-) Cash Dividends Paid (M)9.48
(=) Cash Retained (M)1.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.261.410.85
Cash Retained (M)1.801.801.80
(-) Cash Required (M)-2.26-1.41-0.85
(=) Excess Retained (M)-0.460.390.95
(/) Shares Outstanding (M)5.755.755.75
(=) Excess Retained per Share-0.080.070.17
LTM Dividend per Share1.651.651.65
(+) Excess Retained per Share-0.080.070.17
(=) Adjusted Dividend1.571.721.81
WACC / Discount Rate8.95%8.95%8.95%
Growth Rate-2.00%-1.00%0.00%
Fair Value$14.04$17.07$20.26
Upside / Downside-64.91%-57.33%-49.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.2811.1611.0510.9410.8310.7211.05
Payout Ratio84.07%85.26%86.44%87.63%88.81%90.00%92.50%
Projected Dividends (M)9.489.529.559.599.629.6510.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.95%8.95%8.95%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)8.658.748.82
Year 2 PV (M)7.898.058.21
Year 3 PV (M)7.197.417.64
Year 4 PV (M)6.566.837.11
Year 5 PV (M)5.976.296.61
PV of Terminal Value (M)106.23111.76117.52
Equity Value (M)142.48149.07155.91
Shares Outstanding (M)5.755.755.75
Fair Value$24.78$25.92$27.11
Upside / Downside-38.05%-35.19%-32.21%

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