Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Koskisen Corp (EZ8.SG)

Company Dividend Discount ModelIndustry: Paper, Lumber & Forest ProductsSector: Basic Materials

Valuation Snapshot

Stable Growth$3.64 - $5.65$4.57
Multi-Stage$8.34 - $9.19$8.76
Blended Fair Value$6.66
Current Price$8.60
Upside-22.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.310.420.000.000.000.000.000.000.000.00
YoY Growth---25.54%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.67%6.37%0.00%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)9.14
(-) Cash Dividends Paid (M)2.77
(=) Cash Retained (M)6.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.831.140.69
Cash Retained (M)6.376.376.37
(-) Cash Required (M)-1.83-1.14-0.69
(=) Excess Retained (M)4.545.235.69
(/) Shares Outstanding (M)23.6823.6823.68
(=) Excess Retained per Share0.190.220.24
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.190.220.24
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.64$4.57$5.65
Upside / Downside-57.71%-46.89%-34.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.149.058.968.878.788.698.96
Payout Ratio30.31%42.25%54.18%66.12%78.06%90.00%92.50%
Projected Dividends (M)2.773.824.865.876.867.838.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.32%6.32%6.32%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3.563.603.63
Year 2 PV (M)4.214.304.38
Year 3 PV (M)4.734.885.03
Year 4 PV (M)5.155.375.59
Year 5 PV (M)5.475.766.06
PV of Terminal Value (M)174.49183.57193.03
Equity Value (M)197.62207.47217.72
Shares Outstanding (M)23.6823.6823.68
Fair Value$8.34$8.76$9.19
Upside / Downside-2.98%1.86%6.90%

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