Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nippon Piston Ring Co., Ltd. (6461.T)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$43,094.09 - $50,835.07$47,610.69
Multi-Stage$26,519.51 - $29,281.53$27,873.04
Blended Fair Value$37,741.87
Current Price$1,574.00
Upside2,297.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS0.85%8.62%71.3440.6556.8968.40104.9668.4062.7762.7752.2952.16
YoY Growth--75.47%-28.54%-16.82%-34.84%53.46%8.96%0.00%20.05%0.25%67.21%
Dividend Yield--4.53%3.20%4.42%5.66%7.41%3.01%2.80%4.58%2.27%2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,130.00
(-) Cash Dividends Paid (M)535.00
(=) Cash Retained (M)1,595.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)426.00266.25159.75
Cash Retained (M)1,595.001,595.001,595.00
(-) Cash Required (M)-426.00-266.25-159.75
(=) Excess Retained (M)1,169.001,328.751,435.25
(/) Shares Outstanding (M)7.827.827.82
(=) Excess Retained per Share149.45169.87183.49
LTM Dividend per Share68.4068.4068.40
(+) Excess Retained per Share149.45169.87183.49
(=) Adjusted Dividend217.84238.27251.88
WACC / Discount Rate-0.87%-0.87%-0.87%
Growth Rate-1.09%-0.09%0.91%
Fair Value$43,094.09$47,610.69$50,835.07
Upside / Downside2,637.87%2,924.82%3,129.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,130.002,128.092,126.172,124.262,122.352,120.452,184.06
Payout Ratio25.12%38.09%51.07%64.05%77.02%90.00%92.50%
Projected Dividends (M)535.00810.671,085.851,360.521,634.711,908.402,020.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.87%-0.87%-0.87%
Growth Rate-1.09%-0.09%0.91%
Year 1 PV (M)809.58817.76825.95
Year 2 PV (M)1,082.921,104.931,127.16
Year 3 PV (M)1,355.041,396.551,438.91
Year 4 PV (M)1,625.921,692.681,761.47
Year 5 PV (M)1,895.591,993.372,095.14
PV of Terminal Value (M)200,668.85211,020.05221,794.07
Equity Value (M)207,437.90218,025.34229,042.70
Shares Outstanding (M)7.827.827.82
Fair Value$26,519.51$27,873.04$29,281.53
Upside / Downside1,584.85%1,670.84%1,760.33%

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