Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Taiwan Taxi Co.,Ltd. (2640.TWO)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$249.75 - $854.95$410.29
Multi-Stage$169.54 - $184.82$177.04
Blended Fair Value$293.67
Current Price$129.00
Upside127.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS16.05%0.00%6.005.003.503.713.362.850.000.000.000.00
YoY Growth--20.01%42.86%-5.77%10.68%17.73%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.56%4.25%3.04%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)534.89
(-) Cash Dividends Paid (M)414.86
(=) Cash Retained (M)120.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)106.9866.8640.12
Cash Retained (M)120.04120.04120.04
(-) Cash Required (M)-106.98-66.86-40.12
(=) Excess Retained (M)13.0653.1879.92
(/) Shares Outstanding (M)59.2759.2759.27
(=) Excess Retained per Share0.220.901.35
LTM Dividend per Share7.007.007.00
(+) Excess Retained per Share0.220.901.35
(=) Adjusted Dividend7.227.908.35
WACC / Discount Rate8.55%8.55%8.55%
Growth Rate5.50%6.50%7.50%
Fair Value$249.75$410.29$854.95
Upside / Downside93.60%218.06%562.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)534.89569.66606.69646.13688.12732.85754.84
Payout Ratio77.56%80.05%82.54%85.02%87.51%90.00%92.50%
Projected Dividends (M)414.86456.00500.73549.36602.19659.57698.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.55%8.55%8.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)416.14420.08424.02
Year 2 PV (M)417.02424.96432.98
Year 3 PV (M)417.52429.51441.72
Year 4 PV (M)417.67433.73450.25
Year 5 PV (M)417.48437.64458.58
PV of Terminal Value (M)7,963.608,348.248,747.61
Equity Value (M)10,049.4210,494.1610,955.16
Shares Outstanding (M)59.2759.2759.27
Fair Value$169.54$177.04$184.82
Upside / Downside31.43%37.24%43.27%

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