Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

International Ocean Group (7583.TWO)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$191.66 - $620.01$310.35
Multi-Stage$646.47 - $714.50$679.80
Blended Fair Value$495.07
Current Price$87.79
Upside463.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%1.020.430.230.000.000.000.000.000.000.00
YoY Growth--139.15%86.10%50,390.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.42%0.57%0.31%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)169.86
(-) Cash Dividends Paid (M)22.47
(=) Cash Retained (M)147.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.9721.2312.74
Cash Retained (M)147.38147.38147.38
(-) Cash Required (M)-33.97-21.23-12.74
(=) Excess Retained (M)113.41126.15134.64
(/) Shares Outstanding (M)22.0722.0722.07
(=) Excess Retained per Share5.145.726.10
LTM Dividend per Share1.021.021.02
(+) Excess Retained per Share5.145.726.10
(=) Adjusted Dividend6.166.737.12
WACC / Discount Rate1.15%1.15%1.15%
Growth Rate-2.00%-1.00%0.00%
Fair Value$191.66$310.35$620.01
Upside / Downside118.32%253.51%606.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)169.86168.16166.47164.81163.16161.53166.38
Payout Ratio13.23%28.58%43.94%59.29%74.65%90.00%92.50%
Projected Dividends (M)22.4748.0773.1597.72121.79145.38153.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.15%1.15%1.15%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)47.0447.5248.00
Year 2 PV (M)70.0671.4972.95
Year 3 PV (M)91.6094.4397.32
Year 4 PV (M)111.73116.36121.13
Year 5 PV (M)130.51137.31144.39
PV of Terminal Value (M)13,816.4414,535.9015,285.01
Equity Value (M)14,267.3815,003.0115,768.80
Shares Outstanding (M)22.0722.0722.07
Fair Value$646.47$679.80$714.50
Upside / Downside636.38%674.35%713.88%

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