Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Toray Industries, Inc. (3402.T)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,127.94 - $5,050.20$1,972.42
Multi-Stage$3,305.26 - $3,642.72$3,470.69
Blended Fair Value$2,721.55
Current Price$945.30
Upside187.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.40%5.96%18.5218.5217.4912.8612.8616.4516.4514.3914.3912.33
YoY Growth--0.01%5.89%35.98%0.01%-21.84%0.04%14.29%0.02%16.65%18.78%
Dividend Yield--1.87%2.43%2.18%1.69%1.74%3.24%2.01%1.65%1.53%1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)59,322.00
(-) Cash Dividends Paid (M)28,334.00
(=) Cash Retained (M)30,988.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11,864.407,415.254,449.15
Cash Retained (M)30,988.0030,988.0030,988.00
(-) Cash Required (M)-11,864.40-7,415.25-4,449.15
(=) Excess Retained (M)19,123.6023,572.7526,538.85
(/) Shares Outstanding (M)1,556.741,556.741,556.74
(=) Excess Retained per Share12.2815.1417.05
LTM Dividend per Share18.2018.2018.20
(+) Excess Retained per Share12.2815.1417.05
(=) Adjusted Dividend30.4933.3435.25
WACC / Discount Rate3.17%3.17%3.17%
Growth Rate0.46%1.46%2.46%
Fair Value$1,127.94$1,972.42$5,050.20
Upside / Downside19.32%108.66%434.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)59,322.0060,186.6761,063.9561,954.0162,857.0563,773.2565,686.44
Payout Ratio47.76%56.21%64.66%73.11%81.55%90.00%92.50%
Projected Dividends (M)28,334.0033,831.2039,482.6345,291.6251,261.5657,395.9260,759.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.17%3.17%3.17%
Growth Rate0.46%1.46%2.46%
Year 1 PV (M)32,467.6432,790.8433,114.04
Year 2 PV (M)36,364.1037,091.6737,826.45
Year 3 PV (M)40,032.9841,240.4442,471.94
Year 4 PV (M)43,483.5945,241.0347,051.22
Year 5 PV (M)46,724.8549,097.2251,564.98
PV of Terminal Value (M)4,946,344.635,197,485.735,458,725.77
Equity Value (M)5,145,417.795,402,946.935,670,754.39
Shares Outstanding (M)1,556.741,556.741,556.74
Fair Value$3,305.26$3,470.69$3,642.72
Upside / Downside249.65%267.15%285.35%

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