Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

AJAX Engineering Limited (AJAXENGG.BO)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$142.50 - $201.77$171.77
Multi-Stage$206.32 - $226.92$216.42
Blended Fair Value$194.09
Current Price$653.00
Upside-70.28%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20252024202320222021
DPS0.00%0.00%2.162.160.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.34%0.36%0.00%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)2,510.15
(-) Cash Dividends Paid (M)44.66
(=) Cash Retained (M)2,465.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)502.03313.77188.26
Cash Retained (M)2,465.492,465.492,465.49
(-) Cash Required (M)-502.03-313.77-188.26
(=) Excess Retained (M)1,963.462,151.722,277.23
(/) Shares Outstanding (M)115.16115.16115.16
(=) Excess Retained per Share17.0518.6819.77
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share17.0518.6819.77
(=) Adjusted Dividend17.4419.0720.16
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Fair Value$142.50$171.77$201.77
Upside / Downside-78.18%-73.70%-69.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,510.152,485.052,460.202,435.602,411.242,387.132,458.74
Payout Ratio1.78%19.42%37.07%54.71%72.36%90.00%92.50%
Projected Dividends (M)44.66482.68911.931,332.561,744.672,148.412,274.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)434.40438.83443.26
Year 2 PV (M)738.62753.77769.07
Year 3 PV (M)971.331,001.371,032.02
Year 4 PV (M)1,144.521,191.961,240.85
Year 5 PV (M)1,268.401,334.451,403.22
PV of Terminal Value (M)19,202.3720,202.2821,243.42
Equity Value (M)23,759.6324,922.6526,131.84
Shares Outstanding (M)115.16115.16115.16
Fair Value$206.32$216.42$226.92
Upside / Downside-68.40%-66.86%-65.25%

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