Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

INES Corporation (9742.T)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$463.60 - $674.18$565.59
Multi-Stage$798.11 - $872.78$834.74
Blended Fair Value$700.17
Current Price$2,016.00
Upside-65.27%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.85%4.47%49.9449.8439.9450.6145.6134.2225.6725.0921.0523.98
YoY Growth--0.19%24.79%-21.08%10.96%33.29%33.33%2.30%19.18%-12.22%-25.63%
Dividend Yield--3.00%2.73%2.66%3.12%3.30%2.51%2.18%2.36%1.87%2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,298.00
(-) Cash Dividends Paid (M)1,142.00
(=) Cash Retained (M)156.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)259.60162.2597.35
Cash Retained (M)156.00156.00156.00
(-) Cash Required (M)-259.60-162.25-97.35
(=) Excess Retained (M)-103.60-6.2558.65
(/) Shares Outstanding (M)20.8120.8120.81
(=) Excess Retained per Share-4.98-0.302.82
LTM Dividend per Share54.8954.8954.89
(+) Excess Retained per Share-4.98-0.302.82
(=) Adjusted Dividend49.9154.5957.71
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-1.57%-0.57%0.43%
Fair Value$463.60$565.59$674.18
Upside / Downside-77.00%-71.94%-66.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,298.001,290.621,283.271,275.971,268.711,261.501,299.34
Payout Ratio87.98%88.39%88.79%89.19%89.60%90.00%92.50%
Projected Dividends (M)1,142.001,140.711,139.401,138.071,136.721,135.351,201.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.03%9.03%9.03%
Growth Rate-1.57%-0.57%0.43%
Year 1 PV (M)1,035.741,046.261,056.78
Year 2 PV (M)939.35958.53977.91
Year 3 PV (M)851.91878.14904.90
Year 4 PV (M)772.59804.47837.32
Year 5 PV (M)700.65736.97774.78
PV of Terminal Value (M)12,305.4612,943.3713,607.46
Equity Value (M)16,605.6917,367.7318,159.16
Shares Outstanding (M)20.8120.8120.81
Fair Value$798.11$834.74$872.78
Upside / Downside-60.41%-58.59%-56.71%

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