Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Koskisen Corp (EZ8.SG)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$4.75 - $8.16$6.22
Multi-Stage$20.53 - $22.67$21.58
Blended Fair Value$13.90
Current Price$8.60
Upside61.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.310.420.000.000.000.000.000.000.000.00
YoY Growth---25.54%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.67%6.37%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)9.14
(-) Cash Dividends Paid (M)2.77
(=) Cash Retained (M)6.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.831.140.69
Cash Retained (M)6.376.376.37
(-) Cash Required (M)-1.83-1.14-0.69
(=) Excess Retained (M)4.545.235.69
(/) Shares Outstanding (M)23.6823.6823.68
(=) Excess Retained per Share0.190.220.24
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.190.220.24
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate4.38%4.38%4.38%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.75$6.22$8.16
Upside / Downside-44.81%-27.68%-5.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.149.058.968.878.788.698.96
Payout Ratio30.31%42.25%54.18%66.12%78.06%90.00%92.50%
Projected Dividends (M)2.773.824.865.876.867.838.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.38%4.38%4.38%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.633.663.70
Year 2 PV (M)4.374.464.55
Year 3 PV (M)5.005.165.32
Year 4 PV (M)5.555.786.01
Year 5 PV (M)6.006.326.64
PV of Terminal Value (M)461.68485.73510.76
Equity Value (M)486.23511.10536.98
Shares Outstanding (M)23.6823.6823.68
Fair Value$20.53$21.58$22.67
Upside / Downside138.73%150.94%163.64%

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