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PJP Makrum S.A. (PJP.WA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$202.96 - $431.05$403.96
Multi-Stage$66.63 - $72.87$69.69
Blended Fair Value$236.83
Current Price$16.50
Upside1,335.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.46%13.35%1.410.510.000.340.600.601.110.000.000.60
YoY Growth--174.53%0.00%-100.00%-43.34%0.00%-45.45%0.00%0.00%-100.00%50.02%
Dividend Yield--8.98%2.57%0.00%3.32%3.35%5.49%5.68%0.00%0.00%7.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.88
(-) Cash Dividends Paid (M)8.38
(=) Cash Retained (M)4.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.581.610.97
Cash Retained (M)4.504.504.50
(-) Cash Required (M)-2.58-1.61-0.97
(=) Excess Retained (M)1.932.893.54
(/) Shares Outstanding (M)5.945.945.94
(=) Excess Retained per Share0.320.490.60
LTM Dividend per Share1.411.411.41
(+) Excess Retained per Share0.320.490.60
(=) Adjusted Dividend1.731.902.00
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate5.50%6.50%7.50%
Fair Value$202.96$403.96$431.05
Upside / Downside1,130.09%2,348.25%2,512.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.8813.7214.6115.5616.5717.6518.18
Payout Ratio65.03%70.02%75.02%80.01%85.01%90.00%92.50%
Projected Dividends (M)8.389.6110.9612.4514.0915.8816.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)8.949.039.11
Year 2 PV (M)9.509.689.86
Year 3 PV (M)10.0510.3310.63
Year 4 PV (M)10.5810.9911.41
Year 5 PV (M)11.1111.6512.20
PV of Terminal Value (M)345.76362.46379.80
Equity Value (M)395.94414.14433.02
Shares Outstanding (M)5.945.945.94
Fair Value$66.63$69.69$72.87
Upside / Downside303.82%322.37%341.63%

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