Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Logistec Corporation (LGT-B.TO)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$40.85 - $90.66$58.92
Multi-Stage$29.57 - $32.29$30.90
Blended Fair Value$44.91
Current Price$60.56
Upside-25.84%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS7.26%8.81%0.430.400.390.380.340.300.290.260.990.20
YoY Growth--8.25%2.29%3.25%9.25%13.66%2.70%11.91%-73.27%405.27%5.52%
Dividend Yield--0.97%0.89%0.97%1.49%0.78%0.62%0.82%0.60%2.75%0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)26.70
(-) Cash Dividends Paid (M)6.30
(=) Cash Retained (M)20.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.343.342.00
Cash Retained (M)20.4020.4020.40
(-) Cash Required (M)-5.34-3.34-2.00
(=) Excess Retained (M)15.0617.0618.40
(/) Shares Outstanding (M)12.9412.9412.94
(=) Excess Retained per Share1.161.321.42
LTM Dividend per Share0.490.490.49
(+) Excess Retained per Share1.161.321.42
(=) Adjusted Dividend1.651.811.91
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Fair Value$40.85$58.92$90.66
Upside / Downside-32.55%-2.70%49.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)26.7028.4330.2832.2534.3436.5837.67
Payout Ratio23.59%36.87%50.15%63.44%76.72%90.00%92.50%
Projected Dividends (M)6.3010.4815.1920.4626.3532.9234.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9.469.559.64
Year 2 PV (M)12.3712.6012.84
Year 3 PV (M)15.0415.4715.91
Year 4 PV (M)17.4818.1518.84
Year 5 PV (M)19.7120.6621.65
PV of Terminal Value (M)308.50323.40338.87
Equity Value (M)382.55399.83417.75
Shares Outstanding (M)12.9412.9412.94
Fair Value$29.57$30.90$32.29
Upside / Downside-51.18%-48.97%-46.68%

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