Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bena Steel Industries Co. (9563.SR)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$20.14 - $32.19$25.60
Multi-Stage$55.60 - $61.19$58.34
Blended Fair Value$41.97
Current Price$40.00
Upside4.92%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.780.051.072.400.000.000.000.000.000.00
YoY Growth--1,376.87%-95.04%-55.42%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%0.16%2.72%6.11%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)11.28
(-) Cash Dividends Paid (M)9.48
(=) Cash Retained (M)1.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.261.410.85
Cash Retained (M)1.801.801.80
(-) Cash Required (M)-2.26-1.41-0.85
(=) Excess Retained (M)-0.460.390.95
(/) Shares Outstanding (M)5.755.755.75
(=) Excess Retained per Share-0.080.070.17
LTM Dividend per Share1.651.651.65
(+) Excess Retained per Share-0.080.070.17
(=) Adjusted Dividend1.571.721.81
WACC / Discount Rate5.64%5.64%5.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$20.14$25.60$32.19
Upside / Downside-49.66%-36.00%-19.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.2811.1611.0510.9410.8310.7211.05
Payout Ratio84.07%85.26%86.44%87.63%88.81%90.00%92.50%
Projected Dividends (M)9.489.529.559.599.629.6510.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.64%5.64%5.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)8.929.019.10
Year 2 PV (M)8.398.568.74
Year 3 PV (M)7.898.138.38
Year 4 PV (M)7.427.738.04
Year 5 PV (M)6.977.347.72
PV of Terminal Value (M)280.08294.67309.85
Equity Value (M)319.67335.43351.83
Shares Outstanding (M)5.755.755.75
Fair Value$55.60$58.34$61.19
Upside / Downside38.99%45.84%52.97%

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