Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Lawson, Inc. (2651.T)

Company Dividend Discount ModelIndustry: Discount StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$89,333.23 - $105,249.69$98,634.37
Multi-Stage$22,259.63 - $24,398.55$23,309.28
Blended Fair Value$60,971.82
Current Price$10,325.00
Upside490.53%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.46%-0.85%192.29149.84149.83149.82202.25254.68252.12247.06242.05229.37
YoY Growth--28.33%0.01%0.01%-25.93%-20.58%1.01%2.05%2.07%5.53%9.54%
Dividend Yield--1.86%2.46%3.29%3.04%3.45%5.02%3.56%3.27%2.76%2.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53,019.00
(-) Cash Dividends Paid (M)11,759.00
(=) Cash Retained (M)41,260.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,603.806,627.383,976.43
Cash Retained (M)41,260.0041,260.0041,260.00
(-) Cash Required (M)-10,603.80-6,627.38-3,976.43
(=) Excess Retained (M)30,656.2034,632.6337,283.58
(/) Shares Outstanding (M)100.18100.18100.18
(=) Excess Retained per Share306.00345.70372.16
LTM Dividend per Share117.38117.38117.38
(+) Excess Retained per Share306.00345.70372.16
(=) Adjusted Dividend423.38463.07489.53
WACC / Discount Rate5.45%5.45%5.45%
Growth Rate5.50%6.50%7.50%
Fair Value$89,333.23$98,634.37$105,249.69
Upside / Downside765.21%855.30%919.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53,019.0056,465.2460,135.4864,044.2868,207.1672,640.6274,819.84
Payout Ratio22.18%35.74%49.31%62.87%76.44%90.00%92.50%
Projected Dividends (M)11,759.0020,182.4129,651.1840,265.6252,134.6765,376.5669,208.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.45%5.45%5.45%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)18,958.9219,138.6319,318.33
Year 2 PV (M)26,165.1526,663.5227,166.59
Year 3 PV (M)33,377.6834,335.8335,312.15
Year 4 PV (M)40,596.5342,157.7643,763.59
Year 5 PV (M)47,821.6950,131.5052,529.71
PV of Terminal Value (M)2,063,100.832,162,749.372,266,211.70
Equity Value (M)2,230,020.802,335,176.612,444,302.07
Shares Outstanding (M)100.18100.18100.18
Fair Value$22,259.63$23,309.28$24,398.55
Upside / Downside115.59%125.76%136.31%

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