Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tsogo Sun Gaming Limited (TSG.JO)

Company Dividend Discount ModelIndustry: Gambling, Resorts & CasinosSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$17.65 - $25.56$21.49
Multi-Stage$35.80 - $39.32$37.53
Blended Fair Value$29.51
Current Price$6.53
Upside351.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-3.49%-2.49%0.700.870.490.000.000.842.060.981.070.84
YoY Growth---19.60%76.65%0.00%0.00%-100.00%-59.20%110.54%-8.39%26.20%-6.50%
Dividend Yield--8.49%8.08%4.08%0.00%0.00%27.07%10.29%4.19%3.86%3.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,553.00
(-) Cash Dividends Paid (M)1,669.00
(=) Cash Retained (M)884.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)510.60319.13191.48
Cash Retained (M)884.00884.00884.00
(-) Cash Required (M)-510.60-319.13-191.48
(=) Excess Retained (M)373.40564.88692.53
(/) Shares Outstanding (M)1,039.241,039.241,039.24
(=) Excess Retained per Share0.360.540.67
LTM Dividend per Share1.611.611.61
(+) Excess Retained per Share0.360.540.67
(=) Adjusted Dividend1.972.152.27
WACC / Discount Rate7.82%7.82%7.82%
Growth Rate-2.99%-1.99%-0.99%
Fair Value$17.65$21.49$25.56
Upside / Downside170.24%229.08%291.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,553.002,502.322,452.642,403.952,356.222,309.442,378.73
Payout Ratio65.37%70.30%75.22%80.15%85.07%90.00%92.50%
Projected Dividends (M)1,669.001,759.111,844.981,926.752,004.552,078.502,200.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.82%7.82%7.82%
Growth Rate-2.99%-1.99%-0.99%
Year 1 PV (M)1,614.891,631.541,648.18
Year 2 PV (M)1,554.871,587.091,619.64
Year 3 PV (M)1,490.661,537.231,584.76
Year 4 PV (M)1,423.701,483.321,544.79
Year 5 PV (M)1,355.201,426.501,500.77
PV of Terminal Value (M)29,769.7331,335.9832,967.47
Equity Value (M)37,209.0639,001.6640,865.61
Shares Outstanding (M)1,039.241,039.241,039.24
Fair Value$35.80$37.53$39.32
Upside / Downside448.30%474.72%502.19%

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