Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Aeon Co. (M) Bhd. (6599.KL)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$13.12 - $15.48$14.50
Multi-Stage$96.73 - $107.11$101.82
Blended Fair Value$58.16
Current Price$1.30
Upside4,373.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.09%-3.09%0.040.040.030.020.040.040.040.030.040.05
YoY Growth--0.77%32.88%100.00%-62.50%0.00%0.00%33.33%-25.00%-20.00%-9.09%
Dividend Yield--2.93%3.62%2.31%0.95%3.10%3.54%2.70%1.70%1.69%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)119.00
(-) Cash Dividends Paid (M)63.25
(=) Cash Retained (M)55.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.8014.888.93
Cash Retained (M)55.7555.7555.75
(-) Cash Required (M)-23.80-14.88-8.93
(=) Excess Retained (M)31.9540.8846.83
(/) Shares Outstanding (M)1,404.001,404.001,404.00
(=) Excess Retained per Share0.020.030.03
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.020.030.03
(=) Adjusted Dividend0.070.070.08
WACC / Discount Rate-40.89%-40.89%-40.89%
Growth Rate-3.25%-2.25%-1.25%
Fair Value$13.12$14.50$15.48
Upside / Downside909.24%1,015.26%1,091.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)119.00116.32113.70111.14108.63106.18109.37
Payout Ratio53.15%60.52%67.89%75.26%82.63%90.00%92.50%
Projected Dividends (M)63.2570.4077.1983.6489.7695.57101.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-40.89%-40.89%-40.89%
Growth Rate-3.25%-2.25%-1.25%
Year 1 PV (M)117.87119.08120.30
Year 2 PV (M)216.39220.89225.43
Year 3 PV (M)392.59404.89417.45
Year 4 PV (M)705.44735.06765.61
Year 5 PV (M)1,257.511,323.861,392.97
PV of Terminal Value (M)133,121.21140,144.79147,461.74
Equity Value (M)135,811.01142,948.57150,383.50
Shares Outstanding (M)1,404.001,404.001,404.00
Fair Value$96.73$101.82$107.11
Upside / Downside7,340.88%7,731.94%8,139.29%

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