Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sanoh Industrial Co., Ltd. (6584.T)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$805.86 - $1,322.89$1,036.08
Multi-Stage$1,371.66 - $1,506.51$1,437.79
Blended Fair Value$1,236.94
Current Price$927.00
Upside33.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.04%2.03%28.5725.4225.4224.9112.7120.3325.4224.9124.3823.88
YoY Growth--12.42%0.00%2.02%96.04%-37.50%-20.00%2.02%2.18%2.11%2.15%
Dividend Yield--4.49%2.45%2.96%3.81%1.08%3.02%5.33%3.53%3.07%4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,561.00
(-) Cash Dividends Paid (M)1,023.00
(=) Cash Retained (M)1,538.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)512.20320.13192.08
Cash Retained (M)1,538.001,538.001,538.00
(-) Cash Required (M)-512.20-320.13-192.08
(=) Excess Retained (M)1,025.801,217.881,345.93
(/) Shares Outstanding (M)35.8035.8035.80
(=) Excess Retained per Share28.6534.0237.59
LTM Dividend per Share28.5728.5728.57
(+) Excess Retained per Share28.6534.0237.59
(=) Adjusted Dividend57.2262.5966.17
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.03%1.03%2.03%
Fair Value$805.86$1,036.08$1,322.89
Upside / Downside-13.07%11.77%42.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,561.002,587.302,613.872,640.722,667.842,695.232,776.09
Payout Ratio39.95%49.96%59.97%69.98%79.99%90.00%92.50%
Projected Dividends (M)1,023.001,292.521,567.471,847.922,133.982,425.712,567.88

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.13%7.13%7.13%
Growth Rate0.03%1.03%2.03%
Year 1 PV (M)1,194.551,206.501,218.44
Year 2 PV (M)1,338.861,365.761,392.94
Year 3 PV (M)1,458.781,502.971,548.04
Year 4 PV (M)1,556.911,620.111,685.22
Year 5 PV (M)1,635.621,719.031,805.81
PV of Terminal Value (M)41,924.4544,062.4346,286.76
Equity Value (M)49,109.1851,476.8053,937.20
Shares Outstanding (M)35.8035.8035.80
Fair Value$1,371.66$1,437.79$1,506.51
Upside / Downside47.97%55.10%62.51%

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