Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TRE Holdings Corporation (9247.T)

Company Dividend Discount ModelIndustry: Waste ManagementSector: Industrials

Valuation Snapshot

Stable Growth$56,142.50 - $66,145.37$61,987.90
Multi-Stage$15,458.26 - $16,954.55$16,192.50
Blended Fair Value$39,090.20
Current Price$1,555.00
Upside2,413.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS34.71%0.00%41.8342.1546.9516.9413.149.4311.859.638.706.22
YoY Growth---0.77%-10.23%177.23%28.88%39.40%-20.44%23.06%10.67%39.94%0.00%
Dividend Yield--3.06%3.29%3.79%0.90%0.81%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)16,476.00
(-) Cash Dividends Paid (M)522.00
(=) Cash Retained (M)15,954.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,295.202,059.501,235.70
Cash Retained (M)15,954.0015,954.0015,954.00
(-) Cash Required (M)-3,295.20-2,059.50-1,235.70
(=) Excess Retained (M)12,658.8013,894.5014,718.30
(/) Shares Outstanding (M)49.5449.5449.54
(=) Excess Retained per Share255.54280.49297.12
LTM Dividend per Share10.5410.5410.54
(+) Excess Retained per Share255.54280.49297.12
(=) Adjusted Dividend266.08291.02307.65
WACC / Discount Rate5.21%5.21%5.21%
Growth Rate5.50%6.50%7.50%
Fair Value$56,142.50$61,987.90$66,145.37
Upside / Downside3,510.45%3,886.36%4,153.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)16,476.0017,546.9418,687.4919,902.1821,195.8222,573.5523,250.75
Payout Ratio3.17%20.53%37.90%55.27%72.63%90.00%92.50%
Projected Dividends (M)522.003,603.197,082.7410,999.4015,395.3020,316.1921,506.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.21%5.21%5.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,392.573,424.733,456.89
Year 2 PV (M)6,278.916,398.516,519.23
Year 3 PV (M)9,181.089,444.649,713.19
Year 4 PV (M)12,099.1512,564.4513,043.04
Year 5 PV (M)15,033.1815,759.2816,513.18
PV of Terminal Value (M)719,776.10754,541.56790,637.57
Equity Value (M)765,761.00802,133.17839,883.10
Shares Outstanding (M)49.5449.5449.54
Fair Value$15,458.26$16,192.50$16,954.55
Upside / Downside894.10%941.32%990.32%

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