Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Multi Business Group Co. (9619.SR)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$21.62 - $30.65$26.07
Multi-Stage$32.18 - $35.35$33.73
Blended Fair Value$29.90
Current Price$16.80
Upside77.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022
DPS0.00%0.00%0.230.120.160.000.000.000.000.000.000.00
YoY Growth--100.00%-25.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.57%0.83%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)42.18
(-) Cash Dividends Paid (M)6.50
(=) Cash Retained (M)35.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.445.273.16
Cash Retained (M)35.6835.6835.68
(-) Cash Required (M)-8.44-5.27-3.16
(=) Excess Retained (M)27.2430.4132.52
(/) Shares Outstanding (M)12.8312.8312.83
(=) Excess Retained per Share2.122.372.54
LTM Dividend per Share0.510.510.51
(+) Excess Retained per Share2.122.372.54
(=) Adjusted Dividend2.632.883.04
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$21.62$26.07$30.65
Upside / Downside28.68%55.19%82.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42.1841.7641.3440.9340.5240.1141.32
Payout Ratio15.41%30.33%45.25%60.16%75.08%90.00%92.50%
Projected Dividends (M)6.5012.6618.7124.6230.4236.1038.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)11.4011.5211.64
Year 2 PV (M)15.1715.4815.79
Year 3 PV (M)17.9818.5419.10
Year 4 PV (M)20.0120.8321.69
Year 5 PV (M)21.3822.4923.65
PV of Terminal Value (M)326.76343.78361.49
Equity Value (M)412.70432.64453.37
Shares Outstanding (M)12.8312.8312.83
Fair Value$32.18$33.73$35.35
Upside / Downside91.52%100.77%110.39%

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