Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BELLSYSTEM24 Holdings, Inc. (6183.T)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$1,279.22 - $2,116.68$1,650.11
Multi-Stage$2,015.29 - $2,209.94$2,110.77
Blended Fair Value$1,880.44
Current Price$1,247.00
Upside50.80%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS9.01%0.00%59.7859.7759.8044.8141.8338.8435.8735.8235.400.00
YoY Growth--0.02%-0.05%33.43%7.12%7.71%8.27%0.15%1.19%0.00%0.00%
Dividend Yield--4.79%3.71%4.33%3.13%2.56%2.86%2.29%1.92%3.35%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,172.00
(-) Cash Dividends Paid (M)4,414.00
(=) Cash Retained (M)3,758.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,634.401,021.50612.90
Cash Retained (M)3,758.003,758.003,758.00
(-) Cash Required (M)-1,634.40-1,021.50-612.90
(=) Excess Retained (M)2,123.602,736.503,145.10
(/) Shares Outstanding (M)73.8273.8273.82
(=) Excess Retained per Share28.7737.0742.61
LTM Dividend per Share59.8059.8059.80
(+) Excess Retained per Share28.7737.0742.61
(=) Adjusted Dividend88.5696.87102.40
WACC / Discount Rate7.50%7.50%7.50%
Growth Rate0.54%1.54%2.54%
Fair Value$1,279.22$1,650.11$2,116.68
Upside / Downside2.58%32.33%69.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,172.008,298.088,426.108,556.108,688.108,822.149,086.81
Payout Ratio54.01%61.21%68.41%75.61%82.80%90.00%92.50%
Projected Dividends (M)4,414.005,079.335,764.156,468.887,193.997,939.938,405.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.50%7.50%7.50%
Growth Rate0.54%1.54%2.54%
Year 1 PV (M)4,678.274,724.804,771.33
Year 2 PV (M)4,889.814,987.565,086.28
Year 3 PV (M)5,054.335,206.655,362.00
Year 4 PV (M)5,177.065,386.115,601.44
Year 5 PV (M)5,262.695,529.675,807.36
PV of Terminal Value (M)123,700.72129,975.96136,503.32
Equity Value (M)148,762.88155,810.74163,131.72
Shares Outstanding (M)73.8273.8273.82
Fair Value$2,015.29$2,110.77$2,209.94
Upside / Downside61.61%69.27%77.22%

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