Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Chino Corporation (6850.T)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$2,241.61 - $5,230.05$3,289.13
Multi-Stage$1,601.07 - $1,750.70$1,674.52
Blended Fair Value$2,481.83
Current Price$1,300.00
Upside90.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.68%6.30%32.3935.8022.8722.4022.4222.3719.8917.5420.1217.79
YoY Growth---9.52%56.56%2.10%-0.08%0.20%12.46%13.43%-12.81%13.10%1.17%
Dividend Yield--2.66%2.71%1.85%2.70%2.95%3.22%2.91%2.06%3.23%3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,828.00
(-) Cash Dividends Paid (M)169.50
(=) Cash Retained (M)1,658.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)365.60228.50137.10
Cash Retained (M)1,658.501,658.501,658.50
(-) Cash Required (M)-365.60-228.50-137.10
(=) Excess Retained (M)1,292.901,430.001,521.40
(/) Shares Outstanding (M)17.0117.0117.01
(=) Excess Retained per Share76.0184.0789.44
LTM Dividend per Share9.979.979.97
(+) Excess Retained per Share76.0184.0789.44
(=) Adjusted Dividend85.9894.0499.41
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate5.34%6.34%7.34%
Fair Value$2,241.61$3,289.13$5,230.05
Upside / Downside72.43%153.01%302.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,828.001,943.902,067.142,198.202,337.562,485.762,560.34
Payout Ratio9.27%25.42%41.56%57.71%73.85%90.00%92.50%
Projected Dividends (M)169.50494.10859.171,268.561,726.392,237.192,368.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate5.34%6.34%7.34%
Year 1 PV (M)447.48451.73455.97
Year 2 PV (M)704.69718.13731.70
Year 3 PV (M)942.29969.38996.98
Year 4 PV (M)1,161.371,206.101,252.11
Year 5 PV (M)1,362.981,428.921,497.38
PV of Terminal Value (M)22,614.5923,708.5824,844.49
Equity Value (M)27,233.4028,482.8329,778.64
Shares Outstanding (M)17.0117.0117.01
Fair Value$1,601.07$1,674.52$1,750.70
Upside / Downside23.16%28.81%34.67%

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