Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ajinomoto (Malaysia) Bhd (2658.KL)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$17.27 - $36.75$24.54
Multi-Stage$13.04 - $14.22$13.62
Blended Fair Value$19.08
Current Price$13.98
Upside36.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS39.74%29.76%2.500.090.080.380.490.470.461.550.340.20
YoY Growth--2,651.66%7.06%-77.78%-22.41%4.89%1.08%-70.00%359.26%68.75%8.11%
Dividend Yield--19.50%0.59%0.57%3.19%3.18%2.76%2.64%7.01%1.39%1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)55.74
(-) Cash Dividends Paid (M)24.84
(=) Cash Retained (M)30.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.156.974.18
Cash Retained (M)30.9030.9030.90
(-) Cash Required (M)-11.15-6.97-4.18
(=) Excess Retained (M)19.7623.9426.72
(/) Shares Outstanding (M)60.8060.8060.80
(=) Excess Retained per Share0.320.390.44
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.320.390.44
(=) Adjusted Dividend0.730.800.85
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate5.50%6.50%7.50%
Fair Value$17.27$24.54$36.75
Upside / Downside23.53%75.57%162.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)55.7459.3663.2267.3371.7176.3778.66
Payout Ratio44.56%53.65%62.73%71.82%80.91%90.00%92.50%
Projected Dividends (M)24.8431.8539.6648.3658.0268.7372.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.98%9.98%9.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)28.6828.9629.23
Year 2 PV (M)32.1832.7933.41
Year 3 PV (M)35.3436.3537.39
Year 4 PV (M)38.1939.6641.17
Year 5 PV (M)40.7542.7144.76
PV of Terminal Value (M)617.91647.75678.74
Equity Value (M)793.04828.22864.69
Shares Outstanding (M)60.8060.8060.80
Fair Value$13.04$13.62$14.22
Upside / Downside-6.70%-2.56%1.73%

High-Yield Dividend Screener

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