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$19.73 - $31.32$25.01
Multi-Stage$52.50 - $57.76$55.08
Blended Fair Value$40.04
Current Price$40.00
Upside0.11%
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 Rate5.79%5.79%5.79%
Growth Rate-2.00%-1.00%0.00%
Fair Value$19.73$25.01$31.32
Upside / Downside-50.67%-37.47%-21.71%

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 Rate5.79%5.79%5.79%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)8.919.009.09
Year 2 PV (M)8.368.548.71
Year 3 PV (M)7.858.108.35
Year 4 PV (M)7.377.688.00
Year 5 PV (M)6.927.287.66
PV of Terminal Value (M)262.43276.10290.33
Equity Value (M)301.85316.69332.12
Shares Outstanding (M)5.755.755.75
Fair Value$52.50$55.08$57.76
Upside / Downside31.24%37.69%44.40%

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