Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Champion Microelectronic Corporation (3257.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$31.30 - $55.09$41.40
Multi-Stage$45.25 - $49.51$47.34
Blended Fair Value$44.37
Current Price$59.20
Upside-25.05%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.91%6.26%2.910.974.862.652.043.380.420.520.481.85
YoY Growth--200.00%-80.00%83.56%29.47%-39.49%700.00%-18.08%8.50%-74.35%16.59%
Dividend Yield--5.50%1.33%9.24%3.49%2.61%8.38%0.80%0.96%1.59%5.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)191.79
(-) Cash Dividends Paid (M)159.65
(=) Cash Retained (M)32.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.3623.9714.38
Cash Retained (M)32.1432.1432.14
(-) Cash Required (M)-38.36-23.97-14.38
(=) Excess Retained (M)-6.228.1617.75
(/) Shares Outstanding (M)82.1682.1682.16
(=) Excess Retained per Share-0.080.100.22
LTM Dividend per Share1.941.941.94
(+) Excess Retained per Share-0.080.100.22
(=) Adjusted Dividend1.872.042.16
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate1.48%2.48%3.48%
Fair Value$31.30$41.40$55.09
Upside / Downside-47.14%-30.06%-6.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)191.79196.55201.43206.43211.56216.81223.31
Payout Ratio83.24%84.59%85.95%87.30%88.65%90.00%92.50%
Projected Dividends (M)159.65166.27173.12180.21187.54195.13206.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate1.48%2.48%3.48%
Year 1 PV (M)153.10154.61156.12
Year 2 PV (M)146.79149.70152.63
Year 3 PV (M)140.70144.90149.19
Year 4 PV (M)134.83140.23145.78
Year 5 PV (M)129.18135.67142.42
PV of Terminal Value (M)3,013.013,164.413,321.84
Equity Value (M)3,717.623,889.534,067.99
Shares Outstanding (M)82.1682.1682.16
Fair Value$45.25$47.34$49.51
Upside / Downside-23.57%-20.03%-16.36%

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