Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TYM Corporation (002900.KS)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$36,835.07 - $194,052.35$73,582.12
Multi-Stage$20,324.42 - $22,245.63$21,267.41
Blended Fair Value$47,424.76
Current Price$5,470.00
Upside767.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS69.48%21.49%165.31193.04140.980.000.0011.8223.6115.7423.6111.84
YoY Growth---14.36%36.93%0.00%0.00%-100.00%-49.91%50.00%-33.33%99.40%-49.85%
Dividend Yield--3.89%3.53%1.78%0.00%0.00%0.40%0.49%0.27%0.40%0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)40,540.23
(-) Cash Dividends Paid (M)4,496.92
(=) Cash Retained (M)36,043.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,108.055,067.533,040.52
Cash Retained (M)36,043.3136,043.3136,043.31
(-) Cash Required (M)-8,108.05-5,067.53-3,040.52
(=) Excess Retained (M)27,935.2730,975.7833,002.79
(/) Shares Outstanding (M)41.5541.5541.55
(=) Excess Retained per Share672.37745.55794.33
LTM Dividend per Share108.23108.23108.23
(+) Excess Retained per Share672.37745.55794.33
(=) Adjusted Dividend780.60853.78902.57
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate5.50%6.50%7.50%
Fair Value$36,835.07$73,582.12$194,052.35
Upside / Downside573.40%1,245.19%3,447.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)40,540.2343,175.3545,981.7448,970.5652,153.6455,543.6357,209.94
Payout Ratio11.09%26.87%42.66%58.44%74.22%90.00%92.50%
Projected Dividends (M)4,496.9211,602.9419,613.7428,616.9238,707.6549,989.2752,919.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.74%7.74%7.74%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)10,668.6910,769.8110,870.94
Year 2 PV (M)16,582.3716,898.2217,217.04
Year 3 PV (M)22,246.0122,884.6223,535.32
Year 4 PV (M)27,667.4528,731.4629,825.87
Year 5 PV (M)32,854.3034,441.1736,088.78
PV of Terminal Value (M)734,415.09769,887.62806,717.76
Equity Value (M)844,433.91883,612.90924,255.72
Shares Outstanding (M)41.5541.5541.55
Fair Value$20,324.42$21,267.41$22,245.63
Upside / Downside271.56%288.80%306.68%

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