Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Macnica Fuji Electronics Holdings, Inc. (3132.T)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$11,992.85 - $29,790.49$27,918.05
Multi-Stage$4,376.13 - $4,786.40$4,577.51
Blended Fair Value$16,247.78
Current Price$1,941.00
Upside737.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS33.73%28.93%90.4762.9352.1827.1120.7721.1524.1712.9522.428.37
YoY Growth--43.76%20.60%92.48%30.55%-1.81%-12.49%86.64%-42.25%167.95%17.40%
Dividend Yield--4.66%2.78%2.64%3.11%2.33%4.09%4.71%2.09%4.10%2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22,340.00
(-) Cash Dividends Paid (M)12,581.00
(=) Cash Retained (M)9,759.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,468.002,792.501,675.50
Cash Retained (M)9,759.009,759.009,759.00
(-) Cash Required (M)-4,468.00-2,792.50-1,675.50
(=) Excess Retained (M)5,291.006,966.508,083.50
(/) Shares Outstanding (M)149.14149.14149.14
(=) Excess Retained per Share35.4846.7154.20
LTM Dividend per Share84.3684.3684.36
(+) Excess Retained per Share35.4846.7154.20
(=) Adjusted Dividend119.84131.07138.56
WACC / Discount Rate6.55%6.55%6.55%
Growth Rate5.50%6.50%7.50%
Fair Value$11,992.85$27,918.05$29,790.49
Upside / Downside517.87%1,338.33%1,434.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22,340.0023,792.1025,338.5926,985.5928,739.6630,607.7431,525.97
Payout Ratio56.32%63.05%69.79%76.53%83.26%90.00%92.50%
Projected Dividends (M)12,581.0015,001.5917,683.7020,651.1123,929.5627,546.9629,161.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.55%6.55%6.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13,946.6414,078.8414,211.03
Year 2 PV (M)15,284.0315,575.1515,869.01
Year 3 PV (M)16,593.5917,069.9317,555.30
Year 4 PV (M)17,875.7418,563.1919,270.28
Year 5 PV (M)19,130.9020,054.9321,014.32
PV of Terminal Value (M)569,811.97597,334.10625,909.57
Equity Value (M)652,642.87682,676.13713,829.52
Shares Outstanding (M)149.14149.14149.14
Fair Value$4,376.13$4,577.51$4,786.40
Upside / Downside125.46%135.83%146.59%

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