Stock consideration 投資先候補- WSM


Hello readers, it is Monday night. I came across a lot of new about this year’s Super Bowl. Patriots made the biggest come from behind win in Super Bowl’s history. In any case, Tom Brady is ageless. He was a super star even when I lived in the US in 2004.


By the way, one company caught my attention as a new prospect. It is Williams-Sonoma.

Williams-Sonoma(WSM)  is a multi-channel specialty retailer of home furnishings in the United States and Canada. The company offers cooking, dining, and entertaining products, including cookware, tools, electrics, cutlery, tabletop and bar, outdoor, furniture, and a library of cookbooks under the Williams-Sonoma brand, as well as home furnishings and decorative accessories under the Williams-Sonoma Home brand; and furniture, bedding, bathroom accessories, rugs, curtains, lighting, tabletop, outdoor, and decorative accessories under the Pottery Barn brand. It also provides products designed for creating spaces where children could play, laugh, learn, and grow under the Pottery Barn Kids brand; line of furniture, bedding, lighting, decorative accents, and others for teen bedrooms, dorm rooms, study spaces, and lounges under the PBteen brand; and mixed clean lines, natural materials, and handcrafted collections under West Elm brand. In addition, the company offers a range of assortments of lighting, hardware, furniture, and home décor inspired by history under the Rejuvenation brand; and women’s and men’s accessories, small leather goods, jewelry, key item apparel, paper, entertaining and bar, home décor, and seasonal items under the Mark and Graham brand.

WSM opened its first company-owned stores in Australia in 2013 and in Mexico in 2015. More than 50% of sales is generated through direct-to-consumer channels. Its dividend has been paid continuously since 2006 and increased for 11 consecutive years. Let’s look at some of metrics in terms of dividend.

  • Yield                                                                 3.12%
  • Payout ratio                                                   44%
  • FCF coverage                                                 2.9
  • EPS growth (10y)                                         6.3%
  • P/E                                                                    14.18
  • DAGR(3 yr)                                                     6.0%
  • Last quote against 52 weeks low           $47.46 / $45.96

Although not growing rapidly, it has room for potential dividend growth. Above all, I like the fact that its 50% sales come from online. Threat from Amazon is much smaller than other brick-mortal retailers such as L Brands.Its dividend is paid in February, May, August and November which is a plus to me as I need more dividend income in those months.

According to the Dividend Value Builder’s analysis , “Williams-Sonoma (WSM) is ranked #4 (out of 246) overall and #2 (out of 31) in the Consumer Cyclical sector by the Dividend Analyzer. The WSM stock price is low because of the price beating the retail industry stock are taking. This above average company will most likely provide above average long term rates of return. WSM should be considered for any diversified dividend portfolio”.





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