Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ShinMaywa Industries, Ltd. (7224.T)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$1,138.31 - $1,713.88$1,410.26
Multi-Stage$1,414.39 - $1,546.16$1,479.05
Blended Fair Value$1,444.65
Current Price$1,852.00
Upside-21.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-11.62%9.70%49.4446.3943.8437.8139.7891.7148.5520.2120.6522.62
YoY Growth--6.59%5.80%15.97%-4.94%-56.63%88.91%140.19%-2.12%-8.70%15.44%
Dividend Yield--3.06%3.24%3.25%3.50%4.15%9.08%3.49%1.55%2.18%3.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,567.00
(-) Cash Dividends Paid (M)3,436.00
(=) Cash Retained (M)5,131.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,713.401,070.88642.53
Cash Retained (M)5,131.005,131.005,131.00
(-) Cash Required (M)-1,713.40-1,070.88-642.53
(=) Excess Retained (M)3,417.604,060.134,488.48
(/) Shares Outstanding (M)66.1066.1066.10
(=) Excess Retained per Share51.7161.4367.91
LTM Dividend per Share51.9851.9851.98
(+) Excess Retained per Share51.7161.4367.91
(=) Adjusted Dividend103.69113.41119.89
WACC / Discount Rate10.46%10.46%10.46%
Growth Rate1.23%2.23%3.23%
Fair Value$1,138.31$1,410.26$1,713.88
Upside / Downside-38.54%-23.85%-7.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,567.008,758.478,954.219,154.339,358.939,568.099,855.14
Payout Ratio40.11%50.09%60.06%70.04%80.02%90.00%92.50%
Projected Dividends (M)3,436.004,386.765,378.306,411.977,489.158,611.289,116.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.46%10.46%10.46%
Growth Rate1.23%2.23%3.23%
Year 1 PV (M)3,932.633,971.484,010.32
Year 2 PV (M)4,322.394,408.204,494.86
Year 3 PV (M)4,619.664,757.914,898.90
Year 4 PV (M)4,837.165,031.145,230.89
Year 5 PV (M)4,986.155,237.335,498.53
PV of Terminal Value (M)70,788.2874,354.2778,062.55
Equity Value (M)93,486.2697,760.33102,196.06
Shares Outstanding (M)66.1066.1066.10
Fair Value$1,414.39$1,479.05$1,546.16
Upside / Downside-23.63%-20.14%-16.51%

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