Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ASG Plastic Factory Co. (9607.SR)

Company Dividend Discount ModelIndustry: Manufacturing - MiscellaneousSector: Industrials

Valuation Snapshot

Stable Growth$28.85 - $41.02$34.84
Multi-Stage$44.41 - $48.74$46.53
Blended Fair Value$40.69
Current Price$52.00
Upside-21.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021
DPS0.00%0.00%0.770.700.890.190.000.000.000.000.000.00
YoY Growth--9.74%-20.72%367.14%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.17%1.43%1.81%0.00%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)30.12
(-) Cash Dividends Paid (M)8.46
(=) Cash Retained (M)21.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.023.762.26
Cash Retained (M)21.6621.6621.66
(-) Cash Required (M)-6.02-3.76-2.26
(=) Excess Retained (M)15.6317.8919.40
(/) Shares Outstanding (M)6.976.976.97
(=) Excess Retained per Share2.242.572.78
LTM Dividend per Share1.211.211.21
(+) Excess Retained per Share2.242.572.78
(=) Adjusted Dividend3.463.784.00
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate-2.00%-1.00%0.00%
Fair Value$28.85$34.84$41.02
Upside / Downside-44.53%-33.00%-21.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30.1229.8229.5229.2228.9328.6429.50
Payout Ratio28.09%40.47%52.85%65.24%77.62%90.00%92.50%
Projected Dividends (M)8.4612.0715.6019.0622.4625.7827.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)10.8911.0011.11
Year 2 PV (M)12.6912.9613.22
Year 3 PV (M)13.9914.4314.87
Year 4 PV (M)14.8715.4816.12
Year 5 PV (M)15.3916.2017.03
PV of Terminal Value (M)241.83254.42267.53
Equity Value (M)309.66324.48339.87
Shares Outstanding (M)6.976.976.97
Fair Value$44.41$46.53$48.74
Upside / Downside-14.60%-10.51%-6.27%

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