Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yotai Refractories Co., Ltd. (5357.T)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$1,776.56 - $3,293.58$2,398.90
Multi-Stage$2,627.97 - $2,886.30$2,754.67
Blended Fair Value$2,576.78
Current Price$1,720.00
Upside49.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS39.33%24.41%106.5352.1852.0432.0014.2920.2916.7011.9711.9511.97
YoY Growth--104.15%0.27%62.61%124.00%-29.57%21.46%39.53%0.18%-0.18%-0.19%
Dividend Yield--6.12%2.88%3.61%2.29%1.14%2.81%3.00%1.76%3.17%4.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,213.22
(-) Cash Dividends Paid (M)556.55
(=) Cash Retained (M)1,656.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)442.64276.65165.99
Cash Retained (M)1,656.671,656.671,656.67
(-) Cash Required (M)-442.64-276.65-165.99
(=) Excess Retained (M)1,214.031,380.021,490.68
(/) Shares Outstanding (M)18.3818.3818.38
(=) Excess Retained per Share66.0575.0881.10
LTM Dividend per Share30.2830.2830.28
(+) Excess Retained per Share66.0575.0881.10
(=) Adjusted Dividend96.33105.36111.38
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate1.33%2.33%3.33%
Fair Value$1,776.56$2,398.90$3,293.58
Upside / Downside3.29%39.47%91.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,213.222,264.742,317.472,371.422,426.632,483.122,557.61
Payout Ratio25.15%38.12%51.09%64.06%77.03%90.00%92.50%
Projected Dividends (M)556.55863.261,183.951,519.101,869.212,234.812,365.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.82%6.82%6.82%
Growth Rate1.33%2.33%3.33%
Year 1 PV (M)800.23808.12816.02
Year 2 PV (M)1,017.371,037.551,057.92
Year 3 PV (M)1,210.051,246.231,283.13
Year 4 PV (M)1,380.221,435.521,492.46
Year 5 PV (M)1,529.691,606.681,686.73
PV of Terminal Value (M)42,364.5644,496.7046,713.83
Equity Value (M)48,302.1250,630.7953,050.09
Shares Outstanding (M)18.3818.3818.38
Fair Value$2,627.97$2,754.67$2,886.30
Upside / Downside52.79%60.16%67.81%

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