Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sanyo Trading Co., Ltd. (3176.T)

Company Dividend Discount ModelIndustry: Industrial - DistributionSector: Industrials

Valuation Snapshot

Stable Growth$13,425.47 - $31,695.58$29,703.40
Multi-Stage$4,615.94 - $5,055.20$4,831.52
Blended Fair Value$17,267.46
Current Price$1,604.00
Upside976.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.64%11.07%60.6743.7341.6938.6637.5936.5935.1030.1526.6823.71
YoY Growth--38.73%4.89%7.84%2.84%2.75%4.24%16.42%13.00%12.53%11.63%
Dividend Yield--3.78%2.71%3.49%3.44%3.61%3.72%2.65%3.25%1.95%2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,615.40
(-) Cash Dividends Paid (M)950.00
(=) Cash Retained (M)3,665.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)923.08576.93346.16
Cash Retained (M)3,665.403,665.403,665.40
(-) Cash Required (M)-923.08-576.93-346.16
(=) Excess Retained (M)2,742.323,088.483,319.25
(/) Shares Outstanding (M)28.9628.9628.96
(=) Excess Retained per Share94.70106.65114.62
LTM Dividend per Share32.8032.8032.80
(+) Excess Retained per Share94.70106.65114.62
(=) Adjusted Dividend127.50139.45147.42
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Fair Value$13,425.47$29,703.40$31,695.58
Upside / Downside737.00%1,751.83%1,876.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,615.404,915.405,234.905,575.175,937.566,323.506,513.20
Payout Ratio20.58%34.47%48.35%62.23%76.12%90.00%92.50%
Projected Dividends (M)950.001,694.172,531.073,469.614,519.475,691.156,024.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,575.811,590.741,605.68
Year 2 PV (M)2,189.762,231.462,273.57
Year 3 PV (M)2,792.012,872.162,953.83
Year 4 PV (M)3,382.753,512.843,646.64
Year 5 PV (M)3,962.124,153.494,352.18
PV of Terminal Value (M)119,772.71125,557.78131,564.25
Equity Value (M)133,675.14139,918.47146,396.15
Shares Outstanding (M)28.9628.9628.96
Fair Value$4,615.94$4,831.52$5,055.20
Upside / Downside187.78%201.22%215.16%

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