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Jioushun Construction Co., Ltd. (5547.TWO)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$52.35 - $83.58$66.53
Multi-Stage$113.46 - $124.77$119.00
Blended Fair Value$92.76
Current Price$22.07
Upside320.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.74%0.00%1.051.410.800.090.971.020.000.000.000.00
YoY Growth---25.00%74.83%783.93%-90.67%-4.09%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.93%8.81%5.15%0.42%5.91%5.84%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)173.41
(-) Cash Dividends Paid (M)100.80
(=) Cash Retained (M)72.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.6821.6813.01
Cash Retained (M)72.6172.6172.61
(-) Cash Required (M)-34.68-21.68-13.01
(=) Excess Retained (M)37.9350.9359.60
(/) Shares Outstanding (M)34.1534.1534.15
(=) Excess Retained per Share1.111.491.75
LTM Dividend per Share2.952.952.95
(+) Excess Retained per Share1.111.491.75
(=) Adjusted Dividend4.064.444.70
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate-1.26%-0.26%0.74%
Fair Value$52.35$66.53$83.58
Upside / Downside137.22%201.43%278.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)173.41172.96172.50172.06171.61171.16176.29
Payout Ratio58.13%64.50%70.88%77.25%83.63%90.00%92.50%
Projected Dividends (M)100.80111.56122.27132.92143.51154.04163.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate-1.26%-0.26%0.74%
Year 1 PV (M)103.80104.85105.90
Year 2 PV (M)105.84108.00110.17
Year 3 PV (M)107.05110.34113.69
Year 4 PV (M)107.54111.97116.52
Year 5 PV (M)107.41112.96118.73
PV of Terminal Value (M)3,342.863,515.603,695.41
Equity Value (M)3,874.514,063.714,260.44
Shares Outstanding (M)34.1534.1534.15
Fair Value$113.46$119.00$124.77
Upside / Downside414.11%439.21%465.32%

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