Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mulkia Investment Co. (9585.SR)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$43.00 - $63.95$52.99
Multi-Stage$81.14 - $89.21$85.09
Blended Fair Value$69.04
Current Price$41.67
Upside65.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%2.010.002.230.400.000.000.000.000.000.00
YoY Growth--0.00%-100.00%453.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.54%0.00%8.70%1.57%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)41.37
(-) Cash Dividends Paid (M)15.71
(=) Cash Retained (M)25.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.275.173.10
Cash Retained (M)25.6625.6625.66
(-) Cash Required (M)-8.27-5.17-3.10
(=) Excess Retained (M)17.3920.4922.56
(/) Shares Outstanding (M)7.807.807.80
(=) Excess Retained per Share2.232.632.89
LTM Dividend per Share2.012.012.01
(+) Excess Retained per Share2.232.632.89
(=) Adjusted Dividend4.244.644.91
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-2.00%-1.00%0.00%
Fair Value$43.00$52.99$63.95
Upside / Downside3.18%27.15%53.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)41.3740.9640.5540.1439.7439.3440.52
Payout Ratio37.97%48.38%58.78%69.19%79.59%90.00%92.50%
Projected Dividends (M)15.7119.8123.8327.7731.6335.4137.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.67%7.67%7.67%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)18.2218.4018.59
Year 2 PV (M)20.1520.5620.98
Year 3 PV (M)21.5822.2522.93
Year 4 PV (M)22.6023.5324.50
Year 5 PV (M)23.2624.4725.73
PV of Terminal Value (M)527.06554.50583.08
Equity Value (M)632.86663.71695.80
Shares Outstanding (M)7.807.807.80
Fair Value$81.14$85.09$89.21
Upside / Downside94.71%104.20%114.08%

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