Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kureha Corporation (4023.T)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$2,484.15 - $4,442.42$3,307.25
Multi-Stage$4,296.84 - $4,718.31$4,503.54
Blended Fair Value$3,905.39
Current Price$3,820.00
Upside2.24%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS5.25%8.96%99.73112.74104.4271.0171.0177.2261.8743.5140.4544.11
YoY Growth---11.54%7.97%47.05%0.00%-8.04%24.80%42.20%7.57%-8.30%4.35%
Dividend Yield--3.17%4.01%3.82%2.23%3.31%4.92%2.50%1.65%2.19%3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,468.00
(-) Cash Dividends Paid (M)4,431.00
(=) Cash Retained (M)4,037.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,693.601,058.50635.10
Cash Retained (M)4,037.004,037.004,037.00
(-) Cash Required (M)-1,693.60-1,058.50-635.10
(=) Excess Retained (M)2,343.402,978.503,401.90
(/) Shares Outstanding (M)46.7346.7346.73
(=) Excess Retained per Share50.1563.7572.81
LTM Dividend per Share94.8394.8394.83
(+) Excess Retained per Share50.1563.7572.81
(=) Adjusted Dividend144.98158.58167.64
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.61%1.61%2.61%
Fair Value$2,484.15$3,307.25$4,442.42
Upside / Downside-34.97%-13.42%16.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,468.008,604.758,743.708,884.909,028.389,174.179,449.40
Payout Ratio52.33%59.86%67.40%74.93%82.47%90.00%92.50%
Projected Dividends (M)4,431.005,150.905,892.896,657.517,445.288,256.768,740.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate0.61%1.61%2.61%
Year 1 PV (M)4,789.514,837.114,884.71
Year 2 PV (M)5,095.005,196.785,299.57
Year 3 PV (M)5,352.235,513.415,677.79
Year 4 PV (M)5,565.605,790.196,021.50
Year 5 PV (M)5,739.176,030.106,332.71
PV of Terminal Value (M)174,228.54183,060.55192,247.16
Equity Value (M)200,770.05210,428.14220,463.44
Shares Outstanding (M)46.7346.7346.73
Fair Value$4,296.84$4,503.54$4,718.31
Upside / Downside12.48%17.89%23.52%

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