Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Ton Yi Industrial Corp. (9907.TW)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$12.73 - $19.52$15.89
Multi-Stage$19.43 - $21.26$20.33
Blended Fair Value$18.11
Current Price$17.90
Upside1.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.59%-7.44%0.301.481.000.530.000.470.500.380.320.45
YoY Growth---79.73%48.00%88.68%0.00%-100.00%-6.00%31.58%18.75%-28.89%-30.77%
Dividend Yield--1.76%10.16%5.18%2.93%0.00%5.87%3.84%2.90%2.04%3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,176.03
(-) Cash Dividends Paid (M)1,531.77
(=) Cash Retained (M)644.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)435.21272.00163.20
Cash Retained (M)644.25644.25644.25
(-) Cash Required (M)-435.21-272.00-163.20
(=) Excess Retained (M)209.05372.25481.05
(/) Shares Outstanding (M)1,580.571,580.571,580.57
(=) Excess Retained per Share0.130.240.30
LTM Dividend per Share0.970.970.97
(+) Excess Retained per Share0.130.240.30
(=) Adjusted Dividend1.101.201.27
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate0.10%1.10%2.10%
Fair Value$12.73$15.89$19.52
Upside / Downside-28.90%-11.21%9.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,176.032,199.982,224.202,248.692,273.452,298.482,367.43
Payout Ratio70.39%74.31%78.24%82.16%86.08%90.00%92.50%
Projected Dividends (M)1,531.771,634.911,740.121,847.461,956.952,068.632,189.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.76%8.76%8.76%
Growth Rate0.10%1.10%2.10%
Year 1 PV (M)1,488.311,503.171,518.04
Year 2 PV (M)1,442.051,471.001,500.25
Year 3 PV (M)1,393.721,435.911,478.94
Year 4 PV (M)1,343.941,398.451,454.61
Year 5 PV (M)1,293.251,359.151,427.71
PV of Terminal Value (M)23,753.7124,964.1426,223.42
Equity Value (M)30,714.9732,131.8333,602.97
Shares Outstanding (M)1,580.571,580.571,580.57
Fair Value$19.43$20.33$21.26
Upside / Downside8.56%13.57%18.77%

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