Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Imdex Limited (IMD.AX)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$3.12 - $6.75$4.46
Multi-Stage$2.32 - $2.53$2.43
Blended Fair Value$3.45
Current Price$2.72
Upside26.67%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-3.44%0.00%0.030.030.030.020.010.030.010.000.000.01
YoY Growth---22.03%21.37%15.75%94.11%-60.53%467.28%0.00%0.00%-100.00%0.00%
Dividend Yield--0.98%1.53%1.49%1.33%0.62%2.91%0.45%0.00%0.00%3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)87.59
(-) Cash Dividends Paid (M)32.71
(=) Cash Retained (M)54.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.5210.956.57
Cash Retained (M)54.8854.8854.88
(-) Cash Required (M)-17.52-10.95-6.57
(=) Excess Retained (M)37.3643.9348.31
(/) Shares Outstanding (M)538.63538.63538.63
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Fair Value$3.12$4.46$6.75
Upside / Downside14.82%64.13%148.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)87.5993.2899.35105.80112.68120.00123.60
Payout Ratio37.34%47.88%58.41%68.94%79.47%90.00%92.50%
Projected Dividends (M)32.7144.6658.0272.9489.55108.00114.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)40.2640.6441.02
Year 2 PV (M)47.1548.0548.95
Year 3 PV (M)53.4254.9656.52
Year 4 PV (M)59.1261.4063.74
Year 5 PV (M)64.2867.3870.61
PV of Terminal Value (M)986.991,034.671,084.16
Equity Value (M)1,251.231,307.091,365.00
Shares Outstanding (M)538.63538.63538.63
Fair Value$2.32$2.43$2.53
Upside / Downside-14.60%-10.78%-6.83%

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