Definitive Analysis
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Definitive Analysis

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Sector

MiTAC Holdings Corporation (3706.TW)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$85.65 - $185.74$122.55
Multi-Stage$62.29 - $68.03$65.11
Blended Fair Value$93.83
Current Price$87.70
Upside6.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.68%13.52%1.191.181.800.900.811.040.781.500.910.40
YoY Growth--1.17%-34.78%100.26%11.68%-22.64%33.24%-47.86%64.23%130.99%18.13%
Dividend Yield--2.38%2.53%7.26%3.35%3.07%4.73%3.50%7.21%4.41%2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,902.77
(-) Cash Dividends Paid (M)1,238.84
(=) Cash Retained (M)4,663.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,180.55737.85442.71
Cash Retained (M)4,663.934,663.934,663.93
(-) Cash Required (M)-1,180.55-737.85-442.71
(=) Excess Retained (M)3,483.383,926.084,221.22
(/) Shares Outstanding (M)1,328.301,328.301,328.30
(=) Excess Retained per Share2.622.963.18
LTM Dividend per Share0.930.930.93
(+) Excess Retained per Share2.622.963.18
(=) Adjusted Dividend3.563.894.11
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Fair Value$85.65$122.55$185.74
Upside / Downside-2.34%39.74%111.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,902.776,286.456,695.077,130.257,593.718,087.318,329.93
Payout Ratio20.99%34.79%48.59%62.39%76.20%90.00%92.50%
Projected Dividends (M)1,238.842,187.053,253.304,448.925,786.227,278.587,705.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,971.731,990.422,009.11
Year 2 PV (M)2,644.232,694.602,745.44
Year 3 PV (M)3,260.003,353.583,448.94
Year 4 PV (M)3,822.483,969.494,120.69
Year 5 PV (M)4,334.964,544.344,761.73
PV of Terminal Value (M)66,709.6269,931.7173,277.13
Equity Value (M)82,743.0186,484.1390,363.03
Shares Outstanding (M)1,328.301,328.301,328.30
Fair Value$62.29$65.11$68.03
Upside / Downside-28.97%-25.76%-22.43%

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