Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

S-Pool, Inc. (2471.T)

Company Dividend Discount ModelIndustry: Staffing & Employment ServicesSector: Industrials

Valuation Snapshot

Stable Growth$236.83 - $368.91$297.76
Multi-Stage$205.70 - $223.49$214.44
Blended Fair Value$256.10
Current Price$320.00
Upside-19.97%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS58.77%0.00%10.028.036.013.302.000.990.710.380.380.38
YoY Growth--24.72%33.69%82.24%64.97%101.28%39.29%86.85%0.76%0.49%0.00%
Dividend Yield--3.30%2.48%0.93%0.33%0.20%0.15%0.19%0.20%0.64%1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,809.00
(-) Cash Dividends Paid (M)789.00
(=) Cash Retained (M)1,020.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)361.80226.13135.68
Cash Retained (M)1,020.001,020.001,020.00
(-) Cash Required (M)-361.80-226.13-135.68
(=) Excess Retained (M)658.20793.88884.33
(/) Shares Outstanding (M)78.5578.5578.55
(=) Excess Retained per Share8.3810.1111.26
LTM Dividend per Share10.0510.0510.05
(+) Excess Retained per Share8.3810.1111.26
(=) Adjusted Dividend18.4320.1521.30
WACC / Discount Rate13.71%13.71%13.71%
Growth Rate5.50%6.50%7.50%
Fair Value$236.83$297.76$368.91
Upside / Downside-25.99%-6.95%15.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,809.001,926.592,051.812,185.182,327.222,478.492,552.84
Payout Ratio43.62%52.89%62.17%71.45%80.72%90.00%92.50%
Projected Dividends (M)789.001,019.011,275.591,561.231,878.602,230.642,361.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate13.71%13.71%13.71%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)887.75896.17904.58
Year 2 PV (M)968.14986.581,005.19
Year 3 PV (M)1,032.291,061.931,092.12
Year 4 PV (M)1,082.141,123.761,166.56
Year 5 PV (M)1,119.411,173.481,229.62
PV of Terminal Value (M)11,066.8011,601.3312,156.31
Equity Value (M)16,156.5316,843.2317,554.39
Shares Outstanding (M)78.5578.5578.55
Fair Value$205.70$214.44$223.49
Upside / Downside-35.72%-32.99%-30.16%

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