Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yamato Holdings Co., Ltd. (9064.T)

Company Dividend Discount ModelIndustry: TruckingSector: Industrials

Valuation Snapshot

Stable Growth$1,211.37 - $1,869.27$1,516.96
Multi-Stage$1,729.24 - $1,895.42$1,810.76
Blended Fair Value$1,663.86
Current Price$1,930.00
Upside-13.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS6.68%4.61%47.4249.3450.3659.0647.8934.3233.1431.9533.5032.05
YoY Growth---3.88%-2.02%-14.74%23.32%39.53%3.59%3.71%-4.62%4.50%6.06%
Dividend Yield--2.46%2.82%1.93%2.72%1.52%1.47%1.47%0.98%1.47%1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)42,626.00
(-) Cash Dividends Paid (M)15,409.00
(=) Cash Retained (M)27,217.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,525.205,328.253,196.95
Cash Retained (M)27,217.0027,217.0027,217.00
(-) Cash Required (M)-8,525.20-5,328.25-3,196.95
(=) Excess Retained (M)18,691.8021,888.7524,020.05
(/) Shares Outstanding (M)333.02333.02333.02
(=) Excess Retained per Share56.1365.7372.13
LTM Dividend per Share46.2746.2746.27
(+) Excess Retained per Share56.1365.7372.13
(=) Adjusted Dividend102.40112.00118.40
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate0.35%1.35%2.35%
Fair Value$1,211.37$1,516.96$1,869.27
Upside / Downside-37.23%-21.40%-3.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42,626.0043,203.3943,788.6144,381.7544,982.9245,592.2446,960.01
Payout Ratio36.15%46.92%57.69%68.46%79.23%90.00%92.50%
Projected Dividends (M)15,409.0020,270.7925,261.4630,383.6235,639.9141,033.0243,438.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate0.35%1.35%2.35%
Year 1 PV (M)18,441.0518,624.8118,808.57
Year 2 PV (M)20,906.8521,325.5821,748.47
Year 3 PV (M)22,876.2423,566.9424,271.40
Year 4 PV (M)24,411.6225,399.2826,416.61
Year 5 PV (M)25,568.7026,868.2628,220.13
PV of Terminal Value (M)463,675.11487,241.97511,757.49
Equity Value (M)575,879.57603,026.84631,222.67
Shares Outstanding (M)333.02333.02333.02
Fair Value$1,729.24$1,810.76$1,895.42
Upside / Downside-10.40%-6.18%-1.79%

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