Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shatirah House Restaurant Co. (9520.SR)

Company Dividend Discount ModelIndustry: RestaurantsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$3.48 - $5.32$4.34
Multi-Stage$7.69 - $8.45$8.06
Blended Fair Value$6.20
Current Price$24.20
Upside-74.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS-10.63%0.00%0.140.000.000.230.370.250.200.190.000.00
YoY Growth--0.00%0.00%-100.00%-38.03%50.18%21.92%8.46%0.00%0.00%0.00%
Dividend Yield--0.58%0.00%0.00%1.09%2.41%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)13.57
(-) Cash Dividends Paid (M)9.80
(=) Cash Retained (M)3.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.711.701.02
Cash Retained (M)3.773.773.77
(-) Cash Required (M)-2.71-1.70-1.02
(=) Excess Retained (M)1.062.082.76
(/) Shares Outstanding (M)35.0035.0035.00
(=) Excess Retained per Share0.030.060.08
LTM Dividend per Share0.280.280.28
(+) Excess Retained per Share0.030.060.08
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.48$4.34$5.32
Upside / Downside-85.62%-82.06%-78.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13.5713.4413.3013.1713.0412.9113.30
Payout Ratio72.19%75.75%79.32%82.88%86.44%90.00%92.50%
Projected Dividends (M)9.8010.1810.5510.9211.2711.6212.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)9.449.549.63
Year 2 PV (M)9.089.269.45
Year 3 PV (M)8.718.989.25
Year 4 PV (M)8.348.689.04
Year 5 PV (M)7.978.398.82
PV of Terminal Value (M)225.59237.34249.57
Equity Value (M)269.12282.18295.76
Shares Outstanding (M)35.0035.0035.00
Fair Value$7.69$8.06$8.45
Upside / Downside-68.23%-66.68%-65.08%

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