Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tsuruya Co., Ltd. (5386.T)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$120.62 - $168.34$144.44
Multi-Stage$305.91 - $337.26$321.27
Blended Fair Value$232.86
Current Price$416.00
Upside-44.03%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202520242023202220212020
DPS-5.53%0.00%11.525.107.3912.046.8615.310.000.000.000.00
YoY Growth--125.80%-30.95%-38.67%75.47%-55.15%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.92%1.36%1.91%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)156.56
(-) Cash Dividends Paid (M)90.15
(=) Cash Retained (M)66.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)31.3119.5711.74
Cash Retained (M)66.4166.4166.41
(-) Cash Required (M)-31.31-19.57-11.74
(=) Excess Retained (M)35.1046.8454.67
(/) Shares Outstanding (M)7.527.527.52
(=) Excess Retained per Share4.676.237.27
LTM Dividend per Share11.9811.9811.98
(+) Excess Retained per Share4.676.237.27
(=) Adjusted Dividend16.6518.2119.25
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-5.87%-4.87%-3.87%
Fair Value$120.62$144.44$168.34
Upside / Downside-71.01%-65.28%-59.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)156.56148.94141.69134.80128.23121.99125.65
Payout Ratio57.58%64.06%70.55%77.03%83.52%90.00%92.50%
Projected Dividends (M)90.1595.4299.96103.84107.10109.79116.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-5.87%-4.87%-3.87%
Year 1 PV (M)88.1489.0790.01
Year 2 PV (M)85.2987.1188.95
Year 3 PV (M)81.8384.4687.16
Year 4 PV (M)77.9681.3284.80
Year 5 PV (M)73.8277.8282.00
PV of Terminal Value (M)1,894.371,997.162,104.36
Equity Value (M)2,301.402,416.952,537.27
Shares Outstanding (M)7.527.527.52
Fair Value$305.91$321.27$337.26
Upside / Downside-26.46%-22.77%-18.93%

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