Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sanyo Trading Co., Ltd. (3176.T)

Company Dividend Discount ModelIndustry: Industrial - DistributionSector: Industrials

Valuation Snapshot

Stable Growth$3,233.83 - $7,338.54$4,700.60
Multi-Stage$2,313.88 - $2,527.49$2,418.75
Blended Fair Value$3,559.68
Current Price$1,604.00
Upside121.93%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.64%11.07%60.6743.7341.6938.6637.5936.5935.1030.1526.6823.71
YoY Growth--38.73%4.89%7.84%2.84%2.75%4.24%16.42%13.00%12.53%11.63%
Dividend Yield--3.78%2.71%3.49%3.44%3.61%3.72%2.65%3.25%1.95%2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,615.40
(-) Cash Dividends Paid (M)950.00
(=) Cash Retained (M)3,665.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)923.08576.93346.16
Cash Retained (M)3,665.403,665.403,665.40
(-) Cash Required (M)-923.08-576.93-346.16
(=) Excess Retained (M)2,742.323,088.483,319.25
(/) Shares Outstanding (M)28.9628.9628.96
(=) Excess Retained per Share94.70106.65114.62
LTM Dividend per Share32.8032.8032.80
(+) Excess Retained per Share94.70106.65114.62
(=) Adjusted Dividend127.50139.45147.42
WACC / Discount Rate9.66%9.66%9.66%
Growth Rate5.50%6.50%7.50%
Fair Value$3,233.83$4,700.60$7,338.54
Upside / Downside101.61%193.06%357.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,615.404,915.405,234.905,575.175,937.566,323.506,513.20
Payout Ratio20.58%34.47%48.35%62.23%76.12%90.00%92.50%
Projected Dividends (M)950.001,694.172,531.073,469.614,519.475,691.156,024.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.66%9.66%9.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,530.431,544.941,559.45
Year 2 PV (M)2,065.462,104.812,144.52
Year 3 PV (M)2,557.712,631.132,705.94
Year 4 PV (M)3,009.633,125.373,244.42
Year 5 PV (M)3,423.593,588.963,760.65
PV of Terminal Value (M)54,422.0957,050.7059,779.91
Equity Value (M)67,008.9270,045.9073,194.89
Shares Outstanding (M)28.9628.9628.96
Fair Value$2,313.88$2,418.75$2,527.49
Upside / Downside44.26%50.80%57.57%

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