Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PHC Holdings Corporation (6523.T)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$374.43 - $557.36$461.57
Multi-Stage$749.49 - $821.63$784.86
Blended Fair Value$623.22
Current Price$979.00
Upside-36.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019
DPS0.00%0.00%38.8771.4872.710.000.000.000.000.000.000.00
YoY Growth---45.62%-1.70%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.26%6.10%4.72%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)5,825.00
(-) Cash Dividends Paid (M)5,297.00
(=) Cash Retained (M)528.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,165.00728.13436.88
Cash Retained (M)528.00528.00528.00
(-) Cash Required (M)-1,165.00-728.13-436.88
(=) Excess Retained (M)-637.00-200.1391.13
(/) Shares Outstanding (M)126.47126.47126.47
(=) Excess Retained per Share-5.04-1.580.72
LTM Dividend per Share41.8841.8841.88
(+) Excess Retained per Share-5.04-1.580.72
(=) Adjusted Dividend36.8540.3042.60
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$374.43$461.57$557.36
Upside / Downside-61.75%-52.85%-43.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,825.005,766.755,709.085,651.995,595.475,539.525,705.70
Payout Ratio90.94%90.75%90.56%90.37%90.19%90.00%92.50%
Projected Dividends (M)5,297.005,233.245,170.225,107.955,046.404,985.575,277.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,812.514,861.624,910.72
Year 2 PV (M)4,372.314,462.004,552.60
Year 3 PV (M)3,972.374,095.214,220.57
Year 4 PV (M)3,608.993,758.563,912.74
Year 5 PV (M)3,278.833,449.573,627.35
PV of Terminal Value (M)74,741.7578,633.7282,686.17
Equity Value (M)94,786.7699,260.69103,910.15
Shares Outstanding (M)126.47126.47126.47
Fair Value$749.49$784.86$821.63
Upside / Downside-23.44%-19.83%-16.07%

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