Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Plato Income Maximiser Limited (PL8.AX)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$1.66 - $2.46$2.04
Multi-Stage$3.12 - $3.43$3.27
Blended Fair Value$2.66
Current Price$1.39
Upside91.03%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020201920182016
DPS0.00%0.00%0.000.060.050.050.030.030.040.020.000.00
YoY Growth---100.00%16.73%17.51%63.77%-11.00%-13.52%114.55%0.00%0.00%0.00%
Dividend Yield--0.00%5.30%4.32%3.99%2.25%3.24%3.31%1.71%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)149.52
(-) Cash Dividends Paid (M)70.58
(=) Cash Retained (M)78.94
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.9018.6911.21
Cash Retained (M)78.9478.9478.94
(-) Cash Required (M)-29.90-18.69-11.21
(=) Excess Retained (M)49.0360.2567.72
(/) Shares Outstanding (M)720.65720.65720.65
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.170.180.19
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.66$2.04$2.46
Upside / Downside19.41%46.93%77.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)149.52148.02146.54145.08143.63142.19146.46
Payout Ratio47.21%55.76%64.32%72.88%81.44%90.00%92.50%
Projected Dividends (M)70.5882.5494.26105.74116.97127.97135.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.80%7.80%7.80%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)75.8076.5777.35
Year 2 PV (M)79.4881.1182.76
Year 3 PV (M)81.8784.4086.99
Year 4 PV (M)83.1786.6290.17
Year 5 PV (M)83.5687.9192.44
PV of Terminal Value (M)1,842.761,938.712,038.63
Equity Value (M)2,246.642,355.332,468.33
Shares Outstanding (M)720.65720.65720.65
Fair Value$3.12$3.27$3.43
Upside / Downside124.28%135.13%146.41%

High-Yield Dividend Screener

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