Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PJP Makrum S.A. (PJP.WA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$365.87 - $431.05$403.96
Multi-Stage$260.13 - $285.39$272.52
Blended Fair Value$338.24
Current Price$16.50
Upside1,949.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.46%13.35%1.410.510.000.340.600.601.110.000.000.60
YoY Growth--174.53%0.00%-100.00%-43.34%0.00%-45.45%0.00%0.00%-100.00%50.02%
Dividend Yield--8.98%2.57%0.00%3.32%3.35%5.49%5.68%0.00%0.00%7.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.88
(-) Cash Dividends Paid (M)8.38
(=) Cash Retained (M)4.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.581.610.97
Cash Retained (M)4.504.504.50
(-) Cash Required (M)-2.58-1.61-0.97
(=) Excess Retained (M)1.932.893.54
(/) Shares Outstanding (M)5.945.945.94
(=) Excess Retained per Share0.320.490.60
LTM Dividend per Share1.411.411.41
(+) Excess Retained per Share0.320.490.60
(=) Adjusted Dividend1.731.902.00
WACC / Discount Rate1.52%1.52%1.52%
Growth Rate5.50%6.50%7.50%
Fair Value$365.87$403.96$431.05
Upside / Downside2,117.38%2,348.25%2,512.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.8813.7214.6115.5616.5717.6518.18
Payout Ratio65.03%70.02%75.02%80.01%85.01%90.00%92.50%
Projected Dividends (M)8.389.6110.9612.4514.0915.8816.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.52%1.52%1.52%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9.379.469.55
Year 2 PV (M)10.4410.6310.84
Year 3 PV (M)11.5711.9012.24
Year 4 PV (M)12.7713.2613.77
Year 5 PV (M)14.0514.7315.44
PV of Terminal Value (M)1,487.611,559.461,634.06
Equity Value (M)1,545.811,619.451,695.89
Shares Outstanding (M)5.945.945.94
Fair Value$260.13$272.52$285.39
Upside / Downside1,476.55%1,551.65%1,629.61%

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