Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

Trend Micro Incorporated (4704.T)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$5,780.96 - $14,176.52$8,622.92
Multi-Stage$4,262.94 - $4,645.05$4,450.58
Blended Fair Value$6,536.75
Current Price$8,100.00
Upside-19.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.36%19.83%727.80153.12200.61156.97163.86166.23149.57141.20109.55112.16
YoY Growth--375.31%-23.67%27.80%-4.21%-1.42%11.14%5.93%28.89%-2.32%-5.90%
Dividend Yield--7.27%1.99%3.10%2.19%2.96%3.11%2.77%2.22%2.21%2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34,883.00
(-) Cash Dividends Paid (M)23,490.00
(=) Cash Retained (M)11,393.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,976.604,360.382,616.23
Cash Retained (M)11,393.0011,393.0011,393.00
(-) Cash Required (M)-6,976.60-4,360.38-2,616.23
(=) Excess Retained (M)4,416.407,032.638,776.78
(/) Shares Outstanding (M)132.30132.30132.30
(=) Excess Retained per Share33.3853.1666.34
LTM Dividend per Share177.55177.55177.55
(+) Excess Retained per Share33.3853.1666.34
(=) Adjusted Dividend210.93230.71243.89
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Fair Value$5,780.96$8,622.92$14,176.52
Upside / Downside-28.63%6.46%75.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34,883.0037,150.4039,565.1742,136.9144,875.8147,792.7349,226.52
Payout Ratio67.34%71.87%76.40%80.94%85.47%90.00%92.50%
Projected Dividends (M)23,490.0026,700.5530,229.2334,103.8238,354.4043,013.4645,534.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)24,188.3724,417.6524,646.92
Year 2 PV (M)24,808.4725,281.0025,757.99
Year 3 PV (M)25,354.9326,082.7826,824.42
Year 4 PV (M)25,832.1726,825.6127,847.42
Year 5 PV (M)26,244.4027,512.0128,828.14
PV of Terminal Value (M)437,562.58458,697.02480,640.32
Equity Value (M)563,990.92588,816.06614,545.21
Shares Outstanding (M)132.30132.30132.30
Fair Value$4,262.94$4,450.58$4,645.05
Upside / Downside-47.37%-45.05%-42.65%

High-Yield Dividend Screener

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