Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Kurita Water Industries Ltd. (6370.T)

Company Dividend Discount ModelIndustry: Industrial - Pollution & Treatment ControlsSector: Industrials

Valuation Snapshot

Stable Growth$4,518.72 - $11,299.69$6,782.73
Multi-Stage$3,229.86 - $3,523.83$3,374.20
Blended Fair Value$5,078.47
Current Price$5,049.00
Upside0.58%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS8.77%6.38%89.4182.9478.1279.0072.5958.7253.9851.6651.1349.16
YoY Growth--7.80%6.17%-1.11%8.83%23.61%8.78%4.48%1.04%4.02%2.09%
Dividend Yield--1.57%1.21%1.42%1.61%1.36%1.96%1.97%1.63%1.67%2.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,547.00
(-) Cash Dividends Paid (M)10,381.00
(=) Cash Retained (M)12,166.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,509.402,818.381,691.03
Cash Retained (M)12,166.0012,166.0012,166.00
(-) Cash Required (M)-4,509.40-2,818.38-1,691.03
(=) Excess Retained (M)7,656.609,347.6310,474.98
(/) Shares Outstanding (M)111.36111.36111.36
(=) Excess Retained per Share68.7683.9494.07
LTM Dividend per Share93.2293.2293.22
(+) Excess Retained per Share68.7683.9494.07
(=) Adjusted Dividend161.98177.16187.29
WACC / Discount Rate9.28%9.28%9.28%
Growth Rate5.50%6.50%7.50%
Fair Value$4,518.72$6,782.73$11,299.69
Upside / Downside-10.50%34.34%123.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,547.0024,012.5625,573.3727,235.6429,005.9630,891.3431,818.08
Payout Ratio46.04%54.83%63.62%72.42%81.21%90.00%92.50%
Projected Dividends (M)10,381.0013,166.8716,271.0519,723.1423,555.2527,802.2129,431.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.28%9.28%9.28%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)11,935.4212,048.5512,161.68
Year 2 PV (M)13,369.8313,624.4813,881.54
Year 3 PV (M)14,690.6615,112.3815,542.09
Year 4 PV (M)15,904.0716,515.6917,144.79
Year 5 PV (M)17,015.9017,837.7718,691.10
PV of Terminal Value (M)286,753.83300,604.15314,984.55
Equity Value (M)359,669.71375,743.03392,405.76
Shares Outstanding (M)111.36111.36111.36
Fair Value$3,229.86$3,374.20$3,523.83
Upside / Downside-36.03%-33.17%-30.21%

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