Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kenturn Nano. Tec. Co., Ltd. (4561.TWO)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$11.58 - $19.10$14.92
Multi-Stage$38.38 - $42.28$40.29
Blended Fair Value$27.61
Current Price$44.85
Upside-38.45%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%1.000.700.900.900.251.000.640.160.130.00
YoY Growth--42.86%-22.22%0.00%260.01%-75.00%55.71%295.08%23.74%0.00%0.00%
Dividend Yield--1.88%2.02%4.01%3.27%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)60.65
(-) Cash Dividends Paid (M)58.52
(=) Cash Retained (M)2.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.137.584.55
Cash Retained (M)2.122.122.12
(-) Cash Required (M)-12.13-7.58-4.55
(=) Excess Retained (M)-10.01-5.46-2.42
(/) Shares Outstanding (M)58.3858.3858.38
(=) Excess Retained per Share-0.17-0.09-0.04
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share-0.17-0.09-0.04
(=) Adjusted Dividend0.830.910.96
WACC / Discount Rate5.03%5.03%5.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.58$14.92$19.10
Upside / Downside-74.18%-66.74%-57.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)60.6560.0459.4458.8458.2657.6759.40
Payout Ratio96.50%95.20%93.90%92.60%91.30%90.00%92.50%
Projected Dividends (M)58.5257.1655.8154.4953.1951.9154.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.03%5.03%5.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)53.8754.4254.97
Year 2 PV (M)49.5850.5951.62
Year 3 PV (M)45.6247.0348.47
Year 4 PV (M)41.9743.7145.50
Year 5 PV (M)38.6040.6142.70
PV of Terminal Value (M)2,011.302,116.032,225.08
Equity Value (M)2,240.932,352.392,468.34
Shares Outstanding (M)58.3858.3858.38
Fair Value$38.38$40.29$42.28
Upside / Downside-14.42%-10.16%-5.73%

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