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$449.20 - $492.83$470.61
Blended Fair Value$594.12
Current Price$269.00
Upside120.86%
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 Rate2.08%2.08%2.08%
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 Rate2.08%2.08%2.08%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)89.2490.0890.93
Year 2 PV (M)100.68102.60104.53
Year 3 PV (M)112.79116.03119.33
Year 4 PV (M)125.60130.43135.40
Year 5 PV (M)139.14145.86152.83
PV of Terminal Value (M)14,729.1315,440.5516,179.20
Equity Value (M)15,296.5716,025.5416,782.22
Shares Outstanding (M)34.0534.0534.05
Fair Value$449.20$470.61$492.83
Upside / Downside66.99%74.95%83.21%

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