Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tamawood Limited (TWD.AX)

Company Dividend Discount ModelIndustry: Residential ConstructionSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2.32 - $3.40$2.84
Multi-Stage$3.98 - $4.35$4.16
Blended Fair Value$3.50
Current Price$2.70
Upside29.69%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%-1.81%0.130.110.080.110.070.000.220.190.180.17
YoY Growth--16.35%41.24%-23.65%43.60%0.00%-100.00%15.73%3.96%4.01%8.69%
Dividend Yield--4.90%4.66%3.75%3.84%2.08%0.00%5.84%4.67%4.87%5.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.32
(-) Cash Dividends Paid (M)9.11
(=) Cash Retained (M)2.22
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.261.420.85
Cash Retained (M)2.222.222.22
(-) Cash Required (M)-2.26-1.42-0.85
(=) Excess Retained (M)-0.050.801.37
(/) Shares Outstanding (M)36.9936.9936.99
(=) Excess Retained per Share0.000.020.04
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.000.020.04
(=) Adjusted Dividend0.240.270.28
WACC / Discount Rate8.90%8.90%8.90%
Growth Rate-1.49%-0.49%0.51%
Fair Value$2.32$2.84$3.40
Upside / Downside-13.94%5.21%25.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.3211.2711.2111.1611.1011.0511.38
Payout Ratio80.43%82.34%84.26%86.17%88.09%90.00%92.50%
Projected Dividends (M)9.119.289.459.619.789.9410.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.90%8.90%8.90%
Growth Rate-1.49%-0.49%0.51%
Year 1 PV (M)8.438.528.61
Year 2 PV (M)7.817.978.13
Year 3 PV (M)7.227.457.67
Year 4 PV (M)6.686.967.24
Year 5 PV (M)6.176.496.83
PV of Terminal Value (M)110.84116.58122.56
Equity Value (M)147.16153.96161.03
Shares Outstanding (M)36.9936.9936.99
Fair Value$3.98$4.16$4.35
Upside / Downside47.35%54.17%61.24%

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