Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Mulkia Investment Co. (9585.SR)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$34.56 - $48.90$41.64
Multi-Stage$52.94 - $58.04$55.44
Blended Fair Value$48.54
Current Price$41.67
Upside16.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%2.010.002.230.400.000.000.000.000.000.00
YoY Growth--0.00%-100.00%453.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.54%0.00%8.70%1.57%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)41.37
(-) Cash Dividends Paid (M)15.71
(=) Cash Retained (M)25.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.275.173.10
Cash Retained (M)25.6625.6625.66
(-) Cash Required (M)-8.27-5.17-3.10
(=) Excess Retained (M)17.3920.4922.56
(/) Shares Outstanding (M)7.807.807.80
(=) Excess Retained per Share2.232.632.89
LTM Dividend per Share2.012.012.01
(+) Excess Retained per Share2.232.632.89
(=) Adjusted Dividend4.244.644.91
WACC / Discount Rate10.03%10.03%10.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$34.56$41.64$48.90
Upside / Downside-17.07%-0.07%17.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)41.3740.9640.5540.1439.7439.3440.52
Payout Ratio37.97%48.38%58.78%69.19%79.59%90.00%92.50%
Projected Dividends (M)15.7119.8123.8327.7731.6335.4137.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.03%10.03%10.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.8218.0118.19
Year 2 PV (M)19.2919.6920.09
Year 3 PV (M)20.2220.8521.49
Year 4 PV (M)20.7221.5822.46
Year 5 PV (M)20.8721.9523.08
PV of Terminal Value (M)314.04330.39347.42
Equity Value (M)412.96432.46452.72
Shares Outstanding (M)7.807.807.80
Fair Value$52.94$55.44$58.04
Upside / Downside27.05%33.05%39.29%

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