Definitive Analysis
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Definitive Analysis

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First Hi-tec Enterprise Co., Ltd. (5439.TWO)

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

Valuation Snapshot

Stable Growth$378.42 - $1,047.80$981.94
Multi-Stage$150.90 - $164.91$157.78
Blended Fair Value$569.86
Current Price$238.50
Upside138.94%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.63%12.54%4.103.303.602.312.132.591.851.681.261.34
YoY Growth--24.24%-8.33%55.72%8.70%-17.86%40.00%10.26%33.33%-6.25%6.67%
Dividend Yield--2.32%2.64%5.39%4.17%3.35%8.05%3.58%4.07%4.16%6.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)490.12
(-) Cash Dividends Paid (M)381.20
(=) Cash Retained (M)108.92
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)98.0261.2636.76
Cash Retained (M)108.92108.92108.92
(-) Cash Required (M)-98.02-61.26-36.76
(=) Excess Retained (M)10.8947.6572.16
(/) Shares Outstanding (M)93.0393.0393.03
(=) Excess Retained per Share0.120.510.78
LTM Dividend per Share4.104.104.10
(+) Excess Retained per Share0.120.510.78
(=) Adjusted Dividend4.214.614.87
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Fair Value$378.42$981.94$1,047.80
Upside / Downside58.66%311.72%339.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)490.12521.98555.91592.04630.52671.51691.65
Payout Ratio77.78%80.22%82.67%85.11%87.56%90.00%92.50%
Projected Dividends (M)381.20418.74459.55503.89552.06604.35639.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)388.85392.54396.22
Year 2 PV (M)396.29403.83411.45
Year 3 PV (M)403.51415.09426.90
Year 4 PV (M)410.53426.32442.55
Year 5 PV (M)417.34437.50458.43
PV of Terminal Value (M)12,021.5112,602.1613,205.02
Equity Value (M)14,038.0314,677.4415,340.58
Shares Outstanding (M)93.0393.0393.03
Fair Value$150.90$157.78$164.91
Upside / Downside-36.73%-33.85%-30.86%

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