Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Optimax Technology Corporation (3051.TW)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$10.46 - $15.32$12.80
Multi-Stage$19.23 - $21.08$20.14
Blended Fair Value$16.47
Current Price$26.25
Upside-37.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.001.200.000.000.000.000.000.000.000.00
YoY Growth---16.67%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.43%3.18%0.00%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)230.17
(-) Cash Dividends Paid (M)168.00
(=) Cash Retained (M)62.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.0328.7717.26
Cash Retained (M)62.1762.1762.17
(-) Cash Required (M)-46.03-28.77-17.26
(=) Excess Retained (M)16.1333.4044.90
(/) Shares Outstanding (M)167.34167.34167.34
(=) Excess Retained per Share0.100.200.27
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share0.100.200.27
(=) Adjusted Dividend1.101.201.27
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.46$12.80$15.32
Upside / Downside-60.14%-51.22%-41.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)230.17227.87225.59223.33221.10218.89225.45
Payout Ratio72.99%76.39%79.79%83.20%86.60%90.00%92.50%
Projected Dividends (M)168.00174.07180.01185.80191.47197.00208.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)159.10160.72162.35
Year 2 PV (M)150.37153.46156.57
Year 3 PV (M)141.86146.25150.73
Year 4 PV (M)133.61139.15144.86
Year 5 PV (M)125.65132.19139.01
PV of Terminal Value (M)2,507.102,637.652,773.58
Equity Value (M)3,217.703,369.433,527.10
Shares Outstanding (M)167.34167.34167.34
Fair Value$19.23$20.14$21.08
Upside / Downside-26.75%-23.29%-19.70%

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