Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fuyo General Lease Co., Ltd. (8424.T)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$50,636.50 - $59,658.37$55,908.63
Multi-Stage$10,497.69 - $11,490.93$10,985.18
Blended Fair Value$33,446.90
Current Price$4,425.00
Upside655.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS17.53%19.99%157.30126.95104.3786.6471.6070.1352.2246.1637.4229.69
YoY Growth--23.91%21.63%20.46%21.00%2.10%34.29%13.15%23.35%26.04%16.72%
Dividend Yield--4.03%3.08%2.84%3.38%3.06%3.51%2.56%1.82%1.75%2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27,089.00
(-) Cash Dividends Paid (M)14,205.00
(=) Cash Retained (M)12,884.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,417.803,386.132,031.68
Cash Retained (M)12,884.0012,884.0012,884.00
(-) Cash Required (M)-5,417.80-3,386.13-2,031.68
(=) Excess Retained (M)7,466.209,497.8810,852.33
(/) Shares Outstanding (M)90.3090.3090.30
(=) Excess Retained per Share82.68105.18120.18
LTM Dividend per Share157.30157.30157.30
(+) Excess Retained per Share82.68105.18120.18
(=) Adjusted Dividend239.98262.48277.48
WACC / Discount Rate5.98%5.98%5.98%
Growth Rate5.50%6.50%7.50%
Fair Value$50,636.50$55,908.63$59,658.37
Upside / Downside1,044.33%1,163.47%1,248.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27,089.0028,849.7930,725.0232,722.1534,849.0937,114.2838,227.71
Payout Ratio52.44%59.95%67.46%74.98%82.49%90.00%92.50%
Projected Dividends (M)14,205.0017,295.6220,728.0124,533.5328,746.1933,402.8535,360.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.98%5.98%5.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16,167.0516,320.2916,473.53
Year 2 PV (M)18,111.1718,456.1418,804.36
Year 3 PV (M)20,037.5020,612.7121,198.82
Year 4 PV (M)21,946.1522,790.1423,658.24
Year 5 PV (M)23,837.2524,988.6026,184.01
PV of Terminal Value (M)847,872.90888,825.48931,345.41
Equity Value (M)947,972.02991,993.351,037,664.37
Shares Outstanding (M)90.3090.3090.30
Fair Value$10,497.69$10,985.18$11,490.93
Upside / Downside137.24%148.25%159.68%

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