Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

E-Life Corporation (6281.TW)

Company Dividend Discount ModelIndustry: Specialty RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$51.79 - $88.80$67.79
Multi-Stage$88.98 - $97.47$93.14
Blended Fair Value$80.47
Current Price$71.40
Upside12.70%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.99%2.54%4.474.974.974.973.973.673.974.273.673.87
YoY Growth---10.00%0.00%0.00%25.00%8.11%-7.50%-6.98%16.22%-5.13%11.43%
Dividend Yield--5.89%5.97%5.93%5.83%4.81%5.82%6.08%6.55%5.75%6.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)411.78
(-) Cash Dividends Paid (M)396.69
(=) Cash Retained (M)15.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)82.3651.4730.88
Cash Retained (M)15.0915.0915.09
(-) Cash Required (M)-82.36-51.47-30.88
(=) Excess Retained (M)-67.27-36.38-15.80
(/) Shares Outstanding (M)99.8699.8699.86
(=) Excess Retained per Share-0.67-0.36-0.16
LTM Dividend per Share3.973.973.97
(+) Excess Retained per Share-0.67-0.36-0.16
(=) Adjusted Dividend3.303.613.81
WACC / Discount Rate6.95%6.95%6.95%
Growth Rate0.54%1.54%2.54%
Fair Value$51.79$67.79$88.80
Upside / Downside-27.47%-5.06%24.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)411.78418.14424.60431.16437.82444.59457.93
Payout Ratio96.34%95.07%93.80%92.53%91.27%90.00%92.50%
Projected Dividends (M)396.69397.52398.28398.97399.59400.13423.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.95%6.95%6.95%
Growth Rate0.54%1.54%2.54%
Year 1 PV (M)368.03371.69375.35
Year 2 PV (M)341.38348.20355.09
Year 3 PV (M)316.60326.14335.87
Year 4 PV (M)293.56305.42317.63
Year 5 PV (M)272.15285.96300.32
PV of Terminal Value (M)7,293.837,663.838,048.69
Equity Value (M)8,885.549,301.239,732.95
Shares Outstanding (M)99.8699.8699.86
Fair Value$88.98$93.14$97.47
Upside / Downside24.62%30.45%36.51%

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