Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cyber Com Co., Ltd. (3852.T)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$1,952.88 - $4,141.49$2,772.27
Multi-Stage$1,411.31 - $1,542.24$1,475.59
Blended Fair Value$2,123.93
Current Price$1,320.00
Upside60.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS9.03%12.88%19.9817.8917.0414.9012.9512.9710.938.636.995.95
YoY Growth--11.71%4.98%14.36%15.06%-0.16%18.71%26.69%23.38%17.42%0.04%
Dividend Yield--1.38%1.56%1.08%0.88%0.61%1.18%1.32%1.55%1.73%1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)835.14
(-) Cash Dividends Paid (M)85.78
(=) Cash Retained (M)749.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)167.03104.3962.64
Cash Retained (M)749.36749.36749.36
(-) Cash Required (M)-167.03-104.39-62.64
(=) Excess Retained (M)582.33644.97686.72
(/) Shares Outstanding (M)8.028.028.02
(=) Excess Retained per Share72.6080.4185.62
LTM Dividend per Share10.6910.6910.69
(+) Excess Retained per Share72.6080.4185.62
(=) Adjusted Dividend83.3091.1196.31
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Fair Value$1,952.88$2,772.27$4,141.49
Upside / Downside47.95%110.02%213.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)835.14889.42947.241,008.811,074.381,144.211,178.54
Payout Ratio10.27%26.22%42.16%58.11%74.05%90.00%92.50%
Projected Dividends (M)85.78233.18399.38586.20795.621,029.791,090.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)209.99211.98213.97
Year 2 PV (M)323.90330.07336.29
Year 3 PV (M)428.13440.42452.95
Year 4 PV (M)523.30543.42564.12
Year 5 PV (M)609.96639.42670.01
PV of Terminal Value (M)9,224.419,669.9510,132.55
Equity Value (M)11,319.6911,835.2612,369.89
Shares Outstanding (M)8.028.028.02
Fair Value$1,411.31$1,475.59$1,542.24
Upside / Downside6.92%11.79%16.84%

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