Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ZIGExN Co., Ltd. (3679.T)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$1,026.44 - $3,144.20$1,637.00
Multi-Stage$678.06 - $740.95$708.93
Blended Fair Value$1,172.97
Current Price$555.00
Upside111.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS27.45%0.00%6.734.143.773.233.322.000.000.000.000.00
YoY Growth--62.50%10.05%16.67%-2.70%65.67%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.39%0.70%0.48%1.02%0.79%0.59%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,968.00
(-) Cash Dividends Paid (M)1,054.00
(=) Cash Retained (M)2,914.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)793.60496.00297.60
Cash Retained (M)2,914.002,914.002,914.00
(-) Cash Required (M)-793.60-496.00-297.60
(=) Excess Retained (M)2,120.402,418.002,616.40
(/) Shares Outstanding (M)100.39100.39100.39
(=) Excess Retained per Share21.1224.0926.06
LTM Dividend per Share10.5010.5010.50
(+) Excess Retained per Share21.1224.0926.06
(=) Adjusted Dividend31.6234.5836.56
WACC / Discount Rate8.75%8.75%8.75%
Growth Rate5.50%6.50%7.50%
Fair Value$1,026.44$1,637.00$3,144.20
Upside / Downside84.94%194.96%466.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,968.004,225.924,500.604,793.145,104.705,436.505,599.60
Payout Ratio26.56%39.25%51.94%64.63%77.31%90.00%92.50%
Projected Dividends (M)1,054.001,658.672,337.503,097.573,946.574,892.855,179.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.75%8.75%8.75%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,510.901,525.221,539.54
Year 2 PV (M)1,939.541,976.482,013.77
Year 3 PV (M)2,341.222,408.422,476.91
Year 4 PV (M)2,717.152,821.642,929.12
Year 5 PV (M)3,068.533,216.743,370.62
PV of Terminal Value (M)56,493.2459,221.8862,054.96
Equity Value (M)68,070.5771,170.3974,384.92
Shares Outstanding (M)100.39100.39100.39
Fair Value$678.06$708.93$740.95
Upside / Downside22.17%27.74%33.51%

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