Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fixstars Corporation (3687.T)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$2,876.29 - $13,027.59$6,619.51
Multi-Stage$1,491.59 - $1,631.69$1,560.36
Blended Fair Value$4,089.93
Current Price$2,046.00
Upside99.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.58%28.59%12.989.955.036.097.687.185.144.784.092.39
YoY Growth--30.53%97.69%-17.39%-20.65%6.93%39.58%7.63%16.76%71.33%127.48%
Dividend Yield--0.61%0.77%0.41%0.68%0.82%0.46%0.52%0.41%0.57%0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,111.35
(-) Cash Dividends Paid (M)610.00
(=) Cash Retained (M)1,501.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)422.27263.92158.35
Cash Retained (M)1,501.351,501.351,501.35
(-) Cash Required (M)-422.27-263.92-158.35
(=) Excess Retained (M)1,079.081,237.431,343.00
(/) Shares Outstanding (M)32.2332.2332.23
(=) Excess Retained per Share33.4838.3941.67
LTM Dividend per Share18.9318.9318.93
(+) Excess Retained per Share33.4838.3941.67
(=) Adjusted Dividend52.4157.3260.59
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate5.50%6.50%7.50%
Fair Value$2,876.29$6,619.51$13,027.59
Upside / Downside40.58%223.53%536.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,111.352,248.582,394.742,550.402,716.182,892.732,979.51
Payout Ratio28.89%41.11%53.33%65.56%77.78%90.00%92.50%
Projected Dividends (M)610.00924.471,277.231,671.962,112.602,603.462,756.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)852.51860.59868.67
Year 2 PV (M)1,086.151,106.831,127.72
Year 3 PV (M)1,311.151,348.791,387.14
Year 4 PV (M)1,527.751,586.501,646.93
Year 5 PV (M)1,736.181,820.041,907.11
PV of Terminal Value (M)41,561.8243,569.2745,653.55
Equity Value (M)48,075.5550,292.0252,591.12
Shares Outstanding (M)32.2332.2332.23
Fair Value$1,491.59$1,560.36$1,631.69
Upside / Downside-27.10%-23.74%-20.25%

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