Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

International Human Resources Company (9545.SR)

Company Dividend Discount ModelIndustry: Staffing & Employment ServicesSector: Industrials

Valuation Snapshot

Stable Growth$1.64 - $2.27$1.96
Multi-Stage$2.15 - $2.36$2.25
Blended Fair Value$2.11
Current Price$6.01
Upside-64.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.030.000.040.000.000.000.000.000.000.00
YoY Growth--0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.52%0.00%1.39%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)14.33
(-) Cash Dividends Paid (M)1.25
(=) Cash Retained (M)13.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.871.791.07
Cash Retained (M)13.0813.0813.08
(-) Cash Required (M)-2.87-1.79-1.07
(=) Excess Retained (M)10.2111.2912.01
(/) Shares Outstanding (M)49.5749.5749.57
(=) Excess Retained per Share0.210.230.24
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.210.230.24
(=) Adjusted Dividend0.230.250.27
WACC / Discount Rate11.79%11.79%11.79%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.64$1.96$2.27
Upside / Downside-72.64%-67.41%-62.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14.3314.1914.0513.9013.7713.6314.04
Payout Ratio8.72%24.98%41.23%57.49%73.74%90.00%92.50%
Projected Dividends (M)1.253.545.797.9910.1512.2712.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.79%11.79%11.79%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.143.173.20
Year 2 PV (M)4.544.634.73
Year 3 PV (M)5.555.725.90
Year 4 PV (M)6.246.506.77
Year 5 PV (M)6.687.037.39
PV of Terminal Value (M)80.4784.6689.03
Equity Value (M)106.63111.72117.01
Shares Outstanding (M)49.5749.5749.57
Fair Value$2.15$2.25$2.36
Upside / Downside-64.21%-62.50%-60.72%

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