Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Quest Co., Ltd. (2332.T)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$4,544.18 - $23,574.65$8,177.49
Multi-Stage$2,701.91 - $2,955.60$2,826.44
Blended Fair Value$5,501.97
Current Price$1,510.00
Upside264.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020
DPS8.99%0.00%48.8845.7841.5238.5133.7431.780.000.000.000.00
YoY Growth--6.78%10.27%7.80%14.14%6.17%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.35%3.27%2.70%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)746.82
(-) Cash Dividends Paid (M)130.03
(=) Cash Retained (M)616.79
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)149.3693.3556.01
Cash Retained (M)616.79616.79616.79
(-) Cash Required (M)-149.36-93.35-56.01
(=) Excess Retained (M)467.42523.44560.78
(/) Shares Outstanding (M)5.365.365.36
(=) Excess Retained per Share87.2097.65104.62
LTM Dividend per Share24.2624.2624.26
(+) Excess Retained per Share87.2097.65104.62
(=) Adjusted Dividend111.46121.91128.87
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.50%6.50%7.50%
Fair Value$4,544.18$8,177.49$23,574.65
Upside / Downside200.94%441.56%1,461.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)746.82795.36847.06902.12960.761,023.211,053.90
Payout Ratio17.41%31.93%46.45%60.96%75.48%90.00%92.50%
Projected Dividends (M)130.03253.95393.43549.97725.20920.88974.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)232.74234.95237.15
Year 2 PV (M)330.46336.76343.11
Year 3 PV (M)423.37435.52447.91
Year 4 PV (M)511.64531.32551.56
Year 5 PV (M)595.44624.20654.06
PV of Terminal Value (M)12,389.6112,988.0313,609.36
Equity Value (M)14,483.2715,150.7815,843.15
Shares Outstanding (M)5.365.365.36
Fair Value$2,701.91$2,826.44$2,955.60
Upside / Downside78.93%87.18%95.74%

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