Definitive Analysis
Definitive Analysis

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Kolmar BNH Co., Ltd. (200130.KQ)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$44,742.18 - $97,679.31$91,539.81
Multi-Stage$14,956.70 - $16,358.23$15,644.64
Blended Fair Value$53,592.23
Current Price$14,480.00
Upside270.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.74%35.73%313.97322.39401.89330.41260.74206.51165.20134.2364.530.00
YoY Growth---2.61%-19.78%21.63%26.72%26.27%25.00%23.08%108.00%0.00%-100.00%
Dividend Yield--2.59%2.05%1.70%1.01%0.47%0.89%0.56%0.42%0.38%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,052.44
(-) Cash Dividends Paid (M)8,729.84
(=) Cash Retained (M)5,322.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,810.491,756.551,053.93
Cash Retained (M)5,322.605,322.605,322.60
(-) Cash Required (M)-2,810.49-1,756.55-1,053.93
(=) Excess Retained (M)2,512.113,566.054,268.67
(/) Shares Outstanding (M)28.6128.6128.61
(=) Excess Retained per Share87.80124.64149.20
LTM Dividend per Share305.12305.12305.12
(+) Excess Retained per Share87.80124.64149.20
(=) Adjusted Dividend392.93429.76454.32
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate5.50%6.50%7.50%
Fair Value$44,742.18$91,539.81$97,679.31
Upside / Downside208.99%532.18%574.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,052.4414,965.8415,938.6216,974.6318,077.9919,253.0619,830.65
Payout Ratio62.12%67.70%73.27%78.85%84.42%90.00%92.50%
Projected Dividends (M)8,729.8410,131.6711,678.8613,384.3815,262.2817,327.7518,343.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.43%6.43%6.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9,430.499,519.889,609.27
Year 2 PV (M)10,118.2810,311.0010,505.55
Year 3 PV (M)10,793.3811,103.2211,418.93
Year 4 PV (M)11,455.9611,896.5312,349.68
Year 5 PV (M)12,106.1912,690.9213,298.03
PV of Terminal Value (M)374,018.03392,083.24410,839.85
Equity Value (M)427,922.33447,604.79468,021.30
Shares Outstanding (M)28.6128.6128.61
Fair Value$14,956.70$15,644.64$16,358.23
Upside / Downside3.29%8.04%12.97%

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