Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nakamuraya Co., Ltd. (2204.T)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$808.37 - $1,128.51$968.15
Multi-Stage$1,346.47 - $1,475.98$1,409.98
Blended Fair Value$1,189.06
Current Price$3,105.00
Upside-61.70%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-7.32%-5.20%59.8951.5851.5651.5587.5687.5987.64117.79102.08102.15
YoY Growth--16.11%0.03%0.02%-41.13%-0.03%-0.06%-25.59%15.38%-0.07%0.02%
Dividend Yield--1.92%1.58%1.68%1.64%2.31%2.17%2.14%2.45%2.01%2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)780.75
(-) Cash Dividends Paid (M)401.33
(=) Cash Retained (M)379.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)156.1597.5958.56
Cash Retained (M)379.42379.42379.42
(-) Cash Required (M)-156.15-97.59-58.56
(=) Excess Retained (M)223.27281.83320.87
(/) Shares Outstanding (M)5.795.795.79
(=) Excess Retained per Share38.5648.6855.42
LTM Dividend per Share69.3169.3169.31
(+) Excess Retained per Share38.5648.6855.42
(=) Adjusted Dividend107.88117.99124.73
WACC / Discount Rate9.83%9.83%9.83%
Growth Rate-3.10%-2.10%-1.10%
Fair Value$808.37$968.15$1,128.51
Upside / Downside-73.97%-68.82%-63.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)780.75764.38748.35732.66717.29702.25723.32
Payout Ratio51.40%59.12%66.84%74.56%82.28%90.00%92.50%
Projected Dividends (M)401.33451.92500.21546.28590.19632.03669.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.83%9.83%9.83%
Growth Rate-3.10%-2.10%-1.10%
Year 1 PV (M)407.25411.45415.66
Year 2 PV (M)406.22414.64423.16
Year 3 PV (M)399.78412.28425.05
Year 4 PV (M)389.23405.54422.37
Year 5 PV (M)375.62395.40416.01
PV of Terminal Value (M)5,817.906,124.356,443.58
Equity Value (M)7,795.998,163.688,545.82
Shares Outstanding (M)5.795.795.79
Fair Value$1,346.47$1,409.98$1,475.98
Upside / Downside-56.64%-54.59%-52.46%

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