Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TDC SOFT Inc. (4687.T)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$1,715.94 - $4,207.96$2,559.51
Multi-Stage$1,189.86 - $1,300.43$1,244.14
Blended Fair Value$1,901.82
Current Price$1,341.00
Upside41.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS16.34%22.36%24.3615.4023.2912.4712.4711.439.098.185.113.58
YoY Growth--58.12%-33.85%86.77%0.00%9.09%25.71%11.19%60.00%42.86%10.53%
Dividend Yield--1.82%1.27%2.59%2.35%2.50%2.29%2.07%1.98%1.62%2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,689.10
(-) Cash Dividends Paid (M)573.93
(=) Cash Retained (M)3,115.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)737.82461.14276.68
Cash Retained (M)3,115.163,115.163,115.16
(-) Cash Required (M)-737.82-461.14-276.68
(=) Excess Retained (M)2,377.352,654.032,838.48
(/) Shares Outstanding (M)47.1447.1447.14
(=) Excess Retained per Share50.4356.3060.22
LTM Dividend per Share12.1812.1812.18
(+) Excess Retained per Share50.4356.3060.22
(=) Adjusted Dividend62.6168.4872.39
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Fair Value$1,715.94$2,559.51$4,207.96
Upside / Downside27.96%90.87%213.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,689.103,928.894,184.264,456.244,745.905,054.385,206.01
Payout Ratio15.56%30.45%45.33%60.22%75.11%90.00%92.50%
Projected Dividends (M)573.931,196.191,896.922,683.683,564.724,548.944,815.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.35%9.35%9.35%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,083.641,093.911,104.19
Year 2 PV (M)1,556.761,586.411,616.34
Year 3 PV (M)1,995.222,052.492,110.86
Year 4 PV (M)2,400.882,493.212,588.18
Year 5 PV (M)2,775.512,909.573,048.76
PV of Terminal Value (M)46,274.9948,510.0950,830.73
Equity Value (M)56,087.0058,645.6861,299.05
Shares Outstanding (M)47.1447.1447.14
Fair Value$1,189.86$1,244.14$1,300.43
Upside / Downside-11.27%-7.22%-3.03%

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