Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ITMAX System Berhad (5309.KL)

Company Dividend Discount ModelIndustry: Security & Protection ServicesSector: Industrials

Valuation Snapshot

Stable Growth$0.58 - $0.83$0.70
Multi-Stage$0.90 - $0.99$0.94
Blended Fair Value$0.82
Current Price$4.49
Upside-81.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.030.010.010.010.000.000.000.000.000.00
YoY Growth--225.43%2.81%33.33%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.66%0.33%0.56%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)89.92
(-) Cash Dividends Paid (M)20.61
(=) Cash Retained (M)69.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.9811.246.74
Cash Retained (M)69.3169.3169.31
(-) Cash Required (M)-17.98-11.24-6.74
(=) Excess Retained (M)51.3358.0762.57
(/) Shares Outstanding (M)1,059.341,059.341,059.34
(=) Excess Retained per Share0.050.050.06
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.050.050.06
(=) Adjusted Dividend0.070.070.08
WACC / Discount Rate9.51%9.51%9.51%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.58$0.70$0.83
Upside / Downside-87.13%-84.43%-81.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)89.9289.0288.1387.2586.3885.5188.08
Payout Ratio22.92%36.33%49.75%63.17%76.58%90.00%92.50%
Projected Dividends (M)20.6132.3443.8555.1166.1576.9681.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.51%9.51%9.51%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)29.2429.5329.83
Year 2 PV (M)35.8236.5637.30
Year 3 PV (M)40.7041.9643.24
Year 4 PV (M)44.1645.9947.87
Year 5 PV (M)46.4448.8551.37
PV of Terminal Value (M)754.56793.85834.76
Equity Value (M)950.91996.741,044.38
Shares Outstanding (M)1,059.341,059.341,059.34
Fair Value$0.90$0.94$0.99
Upside / Downside-80.01%-79.04%-78.04%

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