Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The Sumitomo Warehouse Co., Ltd. (9303.T)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$2,921.01 - $4,559.59$3,675.85
Multi-Stage$2,500.83 - $2,719.00$2,608.00
Blended Fair Value$3,141.92
Current Price$3,115.00
Upside0.86%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS14.85%13.50%102.45103.03113.3165.4157.3251.2838.3937.7034.6930.08
YoY Growth---0.57%-9.07%73.23%14.11%11.79%33.58%1.82%8.69%15.32%4.12%
Dividend Yield--3.45%3.92%4.79%3.26%3.59%3.96%2.71%2.81%2.44%2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)21,809.00
(-) Cash Dividends Paid (M)8,006.00
(=) Cash Retained (M)13,803.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,361.802,726.131,635.68
Cash Retained (M)13,803.0013,803.0013,803.00
(-) Cash Required (M)-4,361.80-2,726.13-1,635.68
(=) Excess Retained (M)9,441.2011,076.8812,167.33
(/) Shares Outstanding (M)77.2777.2777.27
(=) Excess Retained per Share122.19143.36157.47
LTM Dividend per Share103.62103.62103.62
(+) Excess Retained per Share122.19143.36157.47
(=) Adjusted Dividend225.81246.98261.09
WACC / Discount Rate13.66%13.66%13.66%
Growth Rate5.50%6.50%7.50%
Fair Value$2,921.01$3,675.85$4,559.59
Upside / Downside-6.23%18.00%46.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)21,809.0023,226.5924,736.3126,344.1728,056.5429,880.2230,776.63
Payout Ratio36.71%47.37%58.03%68.68%79.34%90.00%92.50%
Projected Dividends (M)8,006.0011,001.9014,353.4418,094.1922,260.6026,892.2028,468.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate13.66%13.66%13.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9,589.149,680.039,770.92
Year 2 PV (M)10,903.8511,111.5411,321.18
Year 3 PV (M)11,980.5112,324.4212,674.86
Year 4 PV (M)12,846.5013,340.5413,848.70
Year 5 PV (M)13,526.5214,179.8614,858.20
PV of Terminal Value (M)134,383.04140,873.79147,612.95
Equity Value (M)193,229.55201,510.18210,086.82
Shares Outstanding (M)77.2777.2777.27
Fair Value$2,500.83$2,608.00$2,719.00
Upside / Downside-19.72%-16.28%-12.71%

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