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TOKAI Holdings Corporation (3167.T)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$1,481.02 - $3,202.29$2,117.15
Multi-Stage$2,090.66 - $2,294.57$2,190.68
Blended Fair Value$2,153.91
Current Price$1,041.00
Upside106.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.94%12.38%34.1432.1433.1531.1528.1428.1428.1030.5616.5110.65
YoY Growth--6.24%-3.05%6.41%10.71%0.00%0.14%-8.04%85.08%55.03%0.22%
Dividend Yield--3.44%3.29%3.68%3.51%3.11%2.83%3.01%2.85%1.97%1.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)10,439.00
(-) Cash Dividends Paid (M)4,460.00
(=) Cash Retained (M)5,979.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,087.801,304.88782.93
Cash Retained (M)5,979.005,979.005,979.00
(-) Cash Required (M)-2,087.80-1,304.88-782.93
(=) Excess Retained (M)3,891.204,674.135,196.08
(/) Shares Outstanding (M)130.71130.71130.71
(=) Excess Retained per Share29.7735.7639.75
LTM Dividend per Share34.1234.1234.12
(+) Excess Retained per Share29.7735.7639.75
(=) Adjusted Dividend63.8969.8873.87
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate1.94%2.94%3.94%
Fair Value$1,481.02$2,117.15$3,202.29
Upside / Downside42.27%103.38%207.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)10,439.0010,746.4111,062.8811,388.6711,724.0512,069.3112,431.39
Payout Ratio42.72%52.18%61.63%71.09%80.54%90.00%92.50%
Projected Dividends (M)4,460.005,607.436,818.578,096.189,443.1210,862.3811,499.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate1.94%2.94%3.94%
Year 1 PV (M)5,221.755,272.975,324.19
Year 2 PV (M)5,912.876,029.446,147.15
Year 3 PV (M)6,537.896,732.186,930.28
Year 4 PV (M)7,101.107,383.867,674.97
Year 5 PV (M)7,606.557,987.018,382.55
PV of Terminal Value (M)240,887.14252,935.78265,461.80
Equity Value (M)273,267.30286,341.24299,920.94
Shares Outstanding (M)130.71130.71130.71
Fair Value$2,090.66$2,190.68$2,294.57
Upside / Downside100.83%110.44%120.42%

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