Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Daido Steel Co., Ltd. (5471.T)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$6,859.60 - $26,648.79$19,249.23
Multi-Stage$3,215.32 - $3,520.96$3,365.33
Blended Fair Value$11,307.28
Current Price$995.70
Upside1,035.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS14.43%15.43%48.0946.9840.8321.455.1524.5125.5524.5213.1117.67
YoY Growth--2.36%15.06%90.33%316.76%-79.00%-4.05%4.20%86.95%-25.77%54.29%
Dividend Yield--4.83%3.14%3.42%3.07%0.47%3.71%3.07%2.39%1.01%2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27,955.00
(-) Cash Dividends Paid (M)2,772.50
(=) Cash Retained (M)25,182.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,591.003,494.382,096.63
Cash Retained (M)25,182.5025,182.5025,182.50
(-) Cash Required (M)-5,591.00-3,494.38-2,096.63
(=) Excess Retained (M)19,591.5021,688.1323,085.88
(/) Shares Outstanding (M)208.62208.62208.62
(=) Excess Retained per Share93.91103.96110.66
LTM Dividend per Share13.2913.2913.29
(+) Excess Retained per Share93.91103.96110.66
(=) Adjusted Dividend107.20117.25123.95
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate5.50%6.50%7.50%
Fair Value$6,859.60$19,249.23$26,648.79
Upside / Downside588.92%1,833.24%2,576.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27,955.0029,772.0831,707.2633,768.2335,963.1738,300.7739,449.80
Payout Ratio9.92%25.93%41.95%57.97%73.98%90.00%92.50%
Projected Dividends (M)2,772.507,721.1413,301.4019,574.4626,606.8334,470.7036,491.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7,138.357,206.017,273.67
Year 2 PV (M)11,369.1811,585.7311,804.33
Year 3 PV (M)15,468.1315,912.1616,364.61
Year 4 PV (M)19,438.2420,185.7820,954.67
Year 5 PV (M)23,282.5124,407.0725,574.66
PV of Terminal Value (M)594,093.25622,788.17652,581.32
Equity Value (M)670,789.65702,084.92734,553.26
Shares Outstanding (M)208.62208.62208.62
Fair Value$3,215.32$3,365.33$3,520.96
Upside / Downside222.92%237.99%253.62%

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