Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Advantest Corporation (6857.T)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$22,867.52 - $70,829.92$66,378.01
Multi-Stage$9,356.88 - $10,248.42$9,794.44
Blended Fair Value$38,086.22
Current Price$14,650.00
Upside159.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS10.71%31.69%37.1833.8634.5934.6521.2222.3618.765.065.474.75
YoY Growth--9.80%-2.11%-0.15%63.24%-5.07%19.16%270.79%-7.42%15.14%100.23%
Dividend Yield--0.35%0.53%0.72%1.91%0.85%1.46%2.38%0.88%1.14%1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)261,680.00
(-) Cash Dividends Paid (M)28,709.00
(=) Cash Retained (M)232,971.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52,336.0032,710.0019,626.00
Cash Retained (M)232,971.00232,971.00232,971.00
(-) Cash Required (M)-52,336.00-32,710.00-19,626.00
(=) Excess Retained (M)180,635.00200,261.00213,345.00
(/) Shares Outstanding (M)734.74734.74734.74
(=) Excess Retained per Share245.85272.56290.37
LTM Dividend per Share39.0739.0739.07
(+) Excess Retained per Share245.85272.56290.37
(=) Adjusted Dividend284.92311.63329.44
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Fair Value$22,867.52$66,378.01$70,829.92
Upside / Downside56.09%353.09%383.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)261,680.00278,689.20296,804.00316,096.26336,642.51358,524.28369,280.01
Payout Ratio10.97%26.78%42.58%58.39%74.19%90.00%92.50%
Projected Dividends (M)28,709.0074,624.12126,386.92184,563.59249,769.24322,671.85341,584.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)69,207.3069,863.2970,519.28
Year 2 PV (M)108,704.47110,774.99112,865.04
Year 3 PV (M)147,219.04151,445.17155,751.41
Year 4 PV (M)184,769.19191,874.89199,183.60
Year 5 PV (M)221,372.83232,065.22243,166.83
PV of Terminal Value (M)6,143,606.066,440,344.536,748,439.88
Equity Value (M)6,874,878.897,196,368.097,529,926.04
Shares Outstanding (M)734.74734.74734.74
Fair Value$9,356.88$9,794.44$10,248.42
Upside / Downside-36.13%-33.14%-30.04%

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