Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jioushun Construction Co., Ltd. (5547.TWO)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$38.85 - $56.83$47.52
Multi-Stage$62.96 - $68.97$65.91
Blended Fair Value$56.72
Current Price$22.07
Upside156.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.74%0.00%1.051.410.800.090.971.020.000.000.000.00
YoY Growth---25.00%74.83%783.93%-90.67%-4.09%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.93%8.81%5.15%0.42%5.91%5.84%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)173.41
(-) Cash Dividends Paid (M)100.80
(=) Cash Retained (M)72.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.6821.6813.01
Cash Retained (M)72.6172.6172.61
(-) Cash Required (M)-34.68-21.68-13.01
(=) Excess Retained (M)37.9350.9359.60
(/) Shares Outstanding (M)34.1534.1534.15
(=) Excess Retained per Share1.111.491.75
LTM Dividend per Share2.952.952.95
(+) Excess Retained per Share1.111.491.75
(=) Adjusted Dividend4.064.444.70
WACC / Discount Rate9.07%9.07%9.07%
Growth Rate-1.26%-0.26%0.74%
Fair Value$38.85$47.52$56.83
Upside / Downside76.01%115.31%157.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)173.41172.96172.50172.06171.61171.16176.29
Payout Ratio58.13%64.50%70.88%77.25%83.63%90.00%92.50%
Projected Dividends (M)100.80111.56122.27132.92143.51154.04163.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.07%9.07%9.07%
Growth Rate-1.26%-0.26%0.74%
Year 1 PV (M)101.26102.29103.31
Year 2 PV (M)100.73102.79104.86
Year 3 PV (M)99.40102.45105.56
Year 4 PV (M)97.41101.42105.55
Year 5 PV (M)94.9199.82104.92
PV of Terminal Value (M)1,656.381,741.971,831.07
Equity Value (M)2,150.102,250.732,355.27
Shares Outstanding (M)34.1534.1534.15
Fair Value$62.96$65.91$68.97
Upside / Downside185.30%198.65%212.52%

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