Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

J. Front Retailing Co., Ltd. (3086.T)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$19,369.51 - $22,843.20$21,396.91
Multi-Stage$163,869.27 - $180,838.42$172,186.50
Blended Fair Value$96,791.71
Current Price$2,301.50
Upside4,105.59%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS2.91%5.56%42.7332.9430.8532.8827.7937.0136.9830.8128.7726.84
YoY Growth--29.72%6.77%-6.18%18.31%-24.90%0.07%20.03%7.08%7.21%7.95%
Dividend Yield--2.10%2.16%2.26%3.16%2.58%4.04%3.26%1.80%1.84%2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)30,685.00
(-) Cash Dividends Paid (M)13,397.00
(=) Cash Retained (M)17,288.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,137.003,835.632,301.38
Cash Retained (M)17,288.0017,288.0017,288.00
(-) Cash Required (M)-6,137.00-3,835.63-2,301.38
(=) Excess Retained (M)11,151.0013,452.3814,986.63
(/) Shares Outstanding (M)253.88253.88253.88
(=) Excess Retained per Share43.9252.9959.03
LTM Dividend per Share52.7752.7752.77
(+) Excess Retained per Share43.9252.9959.03
(=) Adjusted Dividend96.69105.76111.80
WACC / Discount Rate-40.89%-40.89%-40.89%
Growth Rate0.16%1.16%2.16%
Fair Value$19,369.51$21,396.91$22,843.20
Upside / Downside741.60%829.69%892.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30,685.0031,040.9231,400.9731,765.1932,133.6432,506.3633,481.56
Payout Ratio43.66%52.93%62.20%71.46%80.73%90.00%92.50%
Projected Dividends (M)13,397.0016,429.2819,530.1022,700.6525,942.1229,255.7330,970.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-40.89%-40.89%-40.89%
Growth Rate0.16%1.16%2.16%
Year 1 PV (M)27,517.6627,792.4028,067.14
Year 2 PV (M)54,788.6455,888.1256,998.53
Year 3 PV (M)106,663.84109,890.65113,181.89
Year 4 PV (M)204,163.15212,439.56220,965.08
Year 5 PV (M)385,634.46405,273.66425,704.97
PV of Terminal Value (M)40,823,692.8642,902,720.3245,065,600.87
Equity Value (M)41,602,460.6143,714,004.7145,910,518.48
Shares Outstanding (M)253.88253.88253.88
Fair Value$163,869.27$172,186.50$180,838.42
Upside / Downside7,020.11%7,381.49%7,757.42%

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