Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Ceres Inc. (3696.T)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$4,852.85 - $13,025.47$7,447.27
Multi-Stage$3,329.45 - $3,636.74$3,480.31
Blended Fair Value$5,463.79
Current Price$2,501.00
Upside118.46%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.15%0.00%19.8119.7838.9917.1813.4613.3911.317.160.000.00
YoY Growth--0.19%-49.28%126.91%27.64%0.53%18.39%58.09%0.00%0.00%0.00%
Dividend Yield--0.85%1.11%3.11%1.05%0.29%1.95%0.54%0.45%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,359.24
(-) Cash Dividends Paid (M)689.00
(=) Cash Retained (M)1,670.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)471.85294.90176.94
Cash Retained (M)1,670.241,670.241,670.24
(-) Cash Required (M)-471.85-294.90-176.94
(=) Excess Retained (M)1,198.391,375.331,493.30
(/) Shares Outstanding (M)11.5111.5111.51
(=) Excess Retained per Share104.11119.49129.73
LTM Dividend per Share59.8659.8659.86
(+) Excess Retained per Share104.11119.49129.73
(=) Adjusted Dividend163.97179.34189.59
WACC / Discount Rate9.06%9.06%9.06%
Growth Rate5.50%6.50%7.50%
Fair Value$4,852.85$7,447.27$13,025.47
Upside / Downside94.04%197.77%420.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,359.242,512.592,675.912,849.843,035.083,232.363,329.33
Payout Ratio29.20%41.36%53.52%65.68%77.84%90.00%92.50%
Projected Dividends (M)689.001,039.291,432.221,871.832,362.532,909.133,079.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.06%9.06%9.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)943.97952.92961.86
Year 2 PV (M)1,181.531,204.041,226.75
Year 3 PV (M)1,402.561,442.821,483.85
Year 4 PV (M)1,607.881,669.711,733.31
Year 5 PV (M)1,798.271,885.131,975.31
PV of Terminal Value (M)31,389.2732,905.3834,479.52
Equity Value (M)38,323.4840,060.0041,860.61
Shares Outstanding (M)11.5111.5111.51
Fair Value$3,329.45$3,480.31$3,636.74
Upside / Downside33.12%39.16%45.41%

High-Yield Dividend Screener

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