Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Twareat Medical Care Co. (9627.SR)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$6.46 - $9.29$7.84
Multi-Stage$11.07 - $12.12$11.58
Blended Fair Value$9.71
Current Price$18.80
Upside-48.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022
DPS0.00%0.00%0.200.210.080.000.000.000.000.000.000.00
YoY Growth---1.63%157.36%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.30%1.32%0.00%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)36.68
(-) Cash Dividends Paid (M)26.27
(=) Cash Retained (M)10.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.344.582.75
Cash Retained (M)10.4110.4110.41
(-) Cash Required (M)-7.34-4.58-2.75
(=) Excess Retained (M)3.075.827.66
(/) Shares Outstanding (M)40.0040.0040.00
(=) Excess Retained per Share0.080.150.19
LTM Dividend per Share0.660.660.66
(+) Excess Retained per Share0.080.150.19
(=) Adjusted Dividend0.730.800.85
WACC / Discount Rate9.13%9.13%9.13%
Growth Rate-2.00%-1.00%0.00%
Fair Value$6.46$7.84$9.29
Upside / Downside-65.65%-58.30%-50.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)36.6836.3135.9535.5935.2334.8835.93
Payout Ratio71.63%75.30%78.98%82.65%86.33%90.00%92.50%
Projected Dividends (M)26.2727.3428.3929.4130.4231.3933.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.13%9.13%9.13%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)24.8025.0525.31
Year 2 PV (M)23.3623.8424.32
Year 3 PV (M)21.9522.6323.32
Year 4 PV (M)20.5921.4422.32
Year 5 PV (M)19.2820.2821.33
PV of Terminal Value (M)332.80350.13368.17
Equity Value (M)442.78463.37484.77
Shares Outstanding (M)40.0040.0040.00
Fair Value$11.07$11.58$12.12
Upside / Downside-41.12%-38.38%-35.54%

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