Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Integral Corporation (5842.T)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$2,639.77 - $3,988.51$3,275.60
Multi-Stage$5,202.07 - $5,732.01$5,461.81
Blended Fair Value$4,368.71
Current Price$3,195.00
Upside36.74%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%11.390.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.39%0.00%0.00%0.00%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)10,736.00
(-) Cash Dividends Paid (M)1,135.00
(=) Cash Retained (M)9,601.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,147.201,342.00805.20
Cash Retained (M)9,601.009,601.009,601.00
(-) Cash Required (M)-2,147.20-1,342.00-805.20
(=) Excess Retained (M)7,453.808,259.008,795.80
(/) Shares Outstanding (M)34.9334.9334.93
(=) Excess Retained per Share213.37236.41251.78
LTM Dividend per Share32.4932.4932.49
(+) Excess Retained per Share213.37236.41251.78
(=) Adjusted Dividend245.86268.90284.27
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2,639.77$3,275.60$3,988.51
Upside / Downside-17.38%2.52%24.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)10,736.0010,628.6410,522.3510,417.1310,312.9610,209.8310,516.12
Payout Ratio10.57%26.46%42.34%58.23%74.11%90.00%92.50%
Projected Dividends (M)1,135.002,812.084,455.506,065.777,643.399,188.859,727.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)2,598.472,624.992,651.50
Year 2 PV (M)3,804.333,882.363,961.19
Year 3 PV (M)4,785.854,933.855,084.88
Year 4 PV (M)5,572.505,803.456,041.51
Year 5 PV (M)6,190.366,512.716,848.35
PV of Terminal Value (M)158,779.78167,047.81175,656.74
Equity Value (M)181,731.29190,805.18200,244.17
Shares Outstanding (M)34.9334.9334.93
Fair Value$5,202.07$5,461.81$5,732.01
Upside / Downside62.82%70.95%79.41%

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