Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yamato Holdings Co., Ltd. (9064.T)

Company Dividend Discount ModelIndustry: TruckingSector: Industrials

Valuation Snapshot

Stable Growth$1,099.59 - $1,649.82$1,360.21
Multi-Stage$1,494.83 - $1,636.92$1,564.54
Blended Fair Value$1,462.38
Current Price$1,930.00
Upside-24.23%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.68%4.61%47.4249.3450.3659.0647.8934.3233.1431.9533.5032.05
YoY Growth---3.88%-2.02%-14.74%23.32%39.53%3.59%3.71%-4.62%4.50%6.06%
Dividend Yield--2.46%2.82%1.93%2.72%1.52%1.47%1.47%0.98%1.47%1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)42,626.00
(-) Cash Dividends Paid (M)15,409.00
(=) Cash Retained (M)27,217.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,525.205,328.253,196.95
Cash Retained (M)27,217.0027,217.0027,217.00
(-) Cash Required (M)-8,525.20-5,328.25-3,196.95
(=) Excess Retained (M)18,691.8021,888.7524,020.05
(/) Shares Outstanding (M)333.02333.02333.02
(=) Excess Retained per Share56.1365.7372.13
LTM Dividend per Share46.2746.2746.27
(+) Excess Retained per Share56.1365.7372.13
(=) Adjusted Dividend102.40112.00118.40
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate0.35%1.35%2.35%
Fair Value$1,099.59$1,360.21$1,649.82
Upside / Downside-43.03%-29.52%-14.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42,626.0043,203.3943,788.6144,381.7544,982.9245,592.2446,960.01
Payout Ratio36.15%46.92%57.69%68.46%79.23%90.00%92.50%
Projected Dividends (M)15,409.0020,270.7925,261.4630,383.6235,639.9141,033.0243,438.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.70%9.70%9.70%
Growth Rate0.35%1.35%2.35%
Year 1 PV (M)18,296.0918,478.4118,660.72
Year 2 PV (M)20,579.4520,991.6321,407.90
Year 3 PV (M)22,340.9923,015.5323,703.52
Year 4 PV (M)23,653.0524,610.0225,595.73
Year 5 PV (M)24,579.4325,828.7127,128.28
PV of Terminal Value (M)388,365.94408,105.12428,638.88
Equity Value (M)497,814.96521,029.42545,135.02
Shares Outstanding (M)333.02333.02333.02
Fair Value$1,494.83$1,564.54$1,636.92
Upside / Downside-22.55%-18.94%-15.19%

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