Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Macauto Industrial Co., Ltd. (9951.TWO)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$80.65 - $200.33$120.85
Multi-Stage$334.51 - $370.82$352.29
Blended Fair Value$236.57
Current Price$52.90
Upside347.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.14%-3.78%3.383.283.284.673.484.185.275.775.475.37
YoY Growth--3.03%0.00%-29.79%34.29%-16.67%-20.75%-8.62%5.45%1.85%8.00%
Dividend Yield--6.29%4.50%4.65%6.36%3.48%6.84%5.82%4.12%3.16%3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)307.18
(-) Cash Dividends Paid (M)254.66
(=) Cash Retained (M)52.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)61.4438.4023.04
Cash Retained (M)52.5252.5252.52
(-) Cash Required (M)-61.44-38.40-23.04
(=) Excess Retained (M)-8.9214.1229.48
(/) Shares Outstanding (M)75.3175.3175.31
(=) Excess Retained per Share-0.120.190.39
LTM Dividend per Share3.383.383.38
(+) Excess Retained per Share-0.120.190.39
(=) Adjusted Dividend3.263.573.77
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate-5.78%-4.78%-3.78%
Fair Value$80.65$120.85$200.33
Upside / Downside52.46%128.45%278.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)307.18292.48278.49265.17252.49240.41247.62
Payout Ratio82.90%84.32%85.74%87.16%88.58%90.00%92.50%
Projected Dividends (M)254.66246.63238.79231.13223.66216.37229.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate-5.78%-4.78%-3.78%
Year 1 PV (M)248.95251.59254.23
Year 2 PV (M)243.29248.48253.73
Year 3 PV (M)237.70245.35253.16
Year 4 PV (M)232.18242.19252.53
Year 5 PV (M)226.72239.02251.83
PV of Terminal Value (M)24,001.3525,302.4126,659.28
Equity Value (M)25,190.2026,529.0427,924.77
Shares Outstanding (M)75.3175.3175.31
Fair Value$334.51$352.29$370.82
Upside / Downside532.34%565.95%600.98%

High-Yield Dividend Screener

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