Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Aichi Corporation (6345.T)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$1,581.30 - $3,303.56$2,232.81
Multi-Stage$1,474.46 - $1,609.27$1,540.64
Blended Fair Value$1,886.73
Current Price$1,367.00
Upside38.02%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS12.35%14.69%43.1740.3639.4134.5229.4324.1224.1221.9319.7312.06
YoY Growth--6.96%2.43%14.14%17.31%22.03%0.00%10.00%11.11%63.63%10.00%
Dividend Yield--3.19%3.19%4.51%4.02%3.61%3.25%3.37%3.38%2.53%1.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,166.19
(-) Cash Dividends Paid (M)4,102.54
(=) Cash Retained (M)2,063.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,233.24770.77462.46
Cash Retained (M)2,063.652,063.652,063.65
(-) Cash Required (M)-1,233.24-770.77-462.46
(=) Excess Retained (M)830.411,292.881,601.19
(/) Shares Outstanding (M)70.8170.8170.81
(=) Excess Retained per Share11.7318.2622.61
LTM Dividend per Share57.9457.9457.94
(+) Excess Retained per Share11.7318.2622.61
(=) Adjusted Dividend69.6676.2080.55
WACC / Discount Rate8.73%8.73%8.73%
Growth Rate4.14%5.14%6.14%
Fair Value$1,581.30$2,232.81$3,303.56
Upside / Downside15.68%63.34%141.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,166.196,483.296,816.707,167.267,535.847,923.388,161.08
Payout Ratio66.53%71.23%75.92%80.61%85.31%90.00%92.50%
Projected Dividends (M)4,102.544,617.815,175.225,777.756,428.577,131.047,549.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.73%8.73%8.73%
Growth Rate4.14%5.14%6.14%
Year 1 PV (M)4,206.624,247.024,287.41
Year 2 PV (M)4,294.624,377.494,461.15
Year 3 PV (M)4,367.694,494.724,624.19
Year 4 PV (M)4,426.964,599.464,776.95
Year 5 PV (M)4,473.444,692.384,919.81
PV of Terminal Value (M)82,637.3186,681.7590,883.01
Equity Value (M)104,406.64109,092.81113,952.53
Shares Outstanding (M)70.8170.8170.81
Fair Value$1,474.46$1,540.64$1,609.27
Upside / Downside7.86%12.70%17.72%

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