Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kureha Corporation (4023.T)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$1,893.38 - $3,015.53$2,403.41
Multi-Stage$2,783.57 - $3,049.33$2,913.94
Blended Fair Value$2,658.68
Current Price$3,820.00
Upside-30.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS5.25%8.96%99.73112.74104.4271.0171.0177.2261.8743.5140.4544.11
YoY Growth---11.54%7.97%47.05%0.00%-8.04%24.80%42.20%7.57%-8.30%4.35%
Dividend Yield--3.17%4.01%3.82%2.23%3.31%4.92%2.50%1.65%2.19%3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,468.00
(-) Cash Dividends Paid (M)4,431.00
(=) Cash Retained (M)4,037.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,693.601,058.50635.10
Cash Retained (M)4,037.004,037.004,037.00
(-) Cash Required (M)-1,693.60-1,058.50-635.10
(=) Excess Retained (M)2,343.402,978.503,401.90
(/) Shares Outstanding (M)46.7346.7346.73
(=) Excess Retained per Share50.1563.7572.81
LTM Dividend per Share94.8394.8394.83
(+) Excess Retained per Share50.1563.7572.81
(=) Adjusted Dividend144.98158.58167.64
WACC / Discount Rate8.32%8.32%8.32%
Growth Rate0.61%1.61%2.61%
Fair Value$1,893.38$2,403.41$3,015.53
Upside / Downside-50.44%-37.08%-21.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,468.008,604.758,743.708,884.909,028.389,174.179,449.40
Payout Ratio52.33%59.86%67.40%74.93%82.47%90.00%92.50%
Projected Dividends (M)4,431.005,150.905,892.896,657.517,445.288,256.768,740.70

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.32%8.32%8.32%
Growth Rate0.61%1.61%2.61%
Year 1 PV (M)4,708.494,755.294,802.08
Year 2 PV (M)4,924.095,022.455,121.79
Year 3 PV (M)5,085.195,238.335,394.51
Year 4 PV (M)5,198.475,408.245,624.30
Year 5 PV (M)5,269.915,537.055,814.92
PV of Terminal Value (M)104,876.25110,192.65115,722.50
Equity Value (M)130,062.40136,154.02142,480.10
Shares Outstanding (M)46.7346.7346.73
Fair Value$2,783.57$2,913.94$3,049.33
Upside / Downside-27.13%-23.72%-20.17%

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