Definitive Analysis
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Definitive Analysis

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Wave Power Technology Inc. (6895.TWO)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$649.97 - $765.77$717.64
Multi-Stage$446.71 - $490.10$468.00
Blended Fair Value$592.82
Current Price$269.00
Upside120.38%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS30.19%0.00%2.203.142.281.640.220.590.000.000.000.00
YoY Growth---29.86%38.00%38.89%644.00%-62.60%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.68%3.06%1.40%0.00%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)131.12
(-) Cash Dividends Paid (M)78.43
(=) Cash Retained (M)52.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.2216.399.83
Cash Retained (M)52.6952.6952.69
(-) Cash Required (M)-26.22-16.39-9.83
(=) Excess Retained (M)26.4736.3042.86
(/) Shares Outstanding (M)34.0534.0534.05
(=) Excess Retained per Share0.781.071.26
LTM Dividend per Share2.302.302.30
(+) Excess Retained per Share0.781.071.26
(=) Adjusted Dividend3.083.373.56
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Fair Value$649.97$717.64$765.77
Upside / Downside141.62%166.78%184.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)131.12139.64148.72158.39168.68179.65185.04
Payout Ratio59.81%65.85%71.89%77.93%83.96%90.00%92.50%
Projected Dividends (M)78.4391.96106.91123.43141.63161.68171.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)89.1489.9890.83
Year 2 PV (M)100.45102.37104.30
Year 3 PV (M)112.41115.64118.92
Year 4 PV (M)125.03129.84134.79
Year 5 PV (M)138.36145.04151.98
PV of Terminal Value (M)14,646.4915,353.9216,088.42
Equity Value (M)15,211.8815,936.7816,689.24
Shares Outstanding (M)34.0534.0534.05
Fair Value$446.71$468.00$490.10
Upside / Downside66.06%73.98%82.19%

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