Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mulkia Investment Co. (9585.SR)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$41.10 - $60.45$50.40
Multi-Stage$73.82 - $81.12$77.40
Blended Fair Value$63.90
Current Price$41.67
Upside53.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%2.010.002.230.400.000.000.000.000.000.00
YoY Growth--0.00%-100.00%453.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.54%0.00%8.70%1.57%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)41.37
(-) Cash Dividends Paid (M)15.71
(=) Cash Retained (M)25.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.275.173.10
Cash Retained (M)25.6625.6625.66
(-) Cash Required (M)-8.27-5.17-3.10
(=) Excess Retained (M)17.3920.4922.56
(/) Shares Outstanding (M)7.807.807.80
(=) Excess Retained per Share2.232.632.89
LTM Dividend per Share2.012.012.01
(+) Excess Retained per Share2.232.632.89
(=) Adjusted Dividend4.244.644.91
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate-2.00%-1.00%0.00%
Fair Value$41.10$50.40$60.45
Upside / Downside-1.36%20.94%45.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)41.3740.9640.5540.1439.7439.3440.52
Payout Ratio37.97%48.38%58.78%69.19%79.59%90.00%92.50%
Projected Dividends (M)15.7119.8123.8327.7731.6335.4137.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)18.1418.3318.51
Year 2 PV (M)19.9820.3920.80
Year 3 PV (M)21.3221.9822.65
Year 4 PV (M)22.2323.1524.10
Year 5 PV (M)22.7823.9725.20
PV of Terminal Value (M)471.37495.92521.47
Equity Value (M)575.82603.73632.74
Shares Outstanding (M)7.807.807.80
Fair Value$73.82$77.40$81.12
Upside / Downside77.16%85.75%94.67%

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