Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PJP Makrum S.A. (PJP.WA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$46.37 - $110.82$68.59
Multi-Stage$34.41 - $37.50$35.93
Blended Fair Value$52.26
Current Price$16.50
Upside216.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.46%13.35%1.410.510.000.340.600.601.110.000.000.60
YoY Growth--174.53%0.00%-100.00%-43.34%0.00%-45.45%0.00%0.00%-100.00%50.02%
Dividend Yield--8.98%2.57%0.00%3.32%3.35%5.49%5.68%0.00%0.00%7.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.88
(-) Cash Dividends Paid (M)8.38
(=) Cash Retained (M)4.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.581.610.97
Cash Retained (M)4.504.504.50
(-) Cash Required (M)-2.58-1.61-0.97
(=) Excess Retained (M)1.932.893.54
(/) Shares Outstanding (M)5.945.945.94
(=) Excess Retained per Share0.320.490.60
LTM Dividend per Share1.411.411.41
(+) Excess Retained per Share0.320.490.60
(=) Adjusted Dividend1.731.902.00
WACC / Discount Rate9.44%9.44%9.44%
Growth Rate5.50%6.50%7.50%
Fair Value$46.37$68.59$110.82
Upside / Downside181.05%315.69%571.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.8813.7214.6115.5616.5717.6518.18
Payout Ratio65.03%70.02%75.02%80.01%85.01%90.00%92.50%
Projected Dividends (M)8.389.6110.9612.4514.0915.8816.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.44%9.44%9.44%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)8.698.788.86
Year 2 PV (M)8.989.159.32
Year 3 PV (M)9.239.509.77
Year 4 PV (M)9.459.8210.19
Year 5 PV (M)9.6510.1110.60
PV of Terminal Value (M)158.48166.13174.08
Equity Value (M)204.49213.49222.82
Shares Outstanding (M)5.945.945.94
Fair Value$34.41$35.93$37.50
Upside / Downside108.55%117.73%127.25%

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