Definitive Analysis
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Definitive Analysis

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TA-I Technology Co., Ltd. (2478.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$30.53 - $49.52$39.05
Multi-Stage$49.58 - $54.38$51.93
Blended Fair Value$45.49
Current Price$41.15
Upside10.55%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.45%19.34%1.491.993.972.951.753.251.030.430.350.71
YoY Growth---25.00%-50.00%34.82%68.40%-46.19%215.83%138.53%23.92%-51.19%180.63%
Dividend Yield--3.18%4.16%8.54%4.93%2.19%6.31%1.36%0.94%1.24%2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)406.22
(-) Cash Dividends Paid (M)217.10
(=) Cash Retained (M)189.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)81.2450.7830.47
Cash Retained (M)189.12189.12189.12
(-) Cash Required (M)-81.24-50.78-30.47
(=) Excess Retained (M)107.88138.34158.65
(/) Shares Outstanding (M)145.65145.65145.65
(=) Excess Retained per Share0.740.951.09
LTM Dividend per Share1.491.491.49
(+) Excess Retained per Share0.740.951.09
(=) Adjusted Dividend2.232.442.58
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate0.21%1.21%2.21%
Fair Value$30.53$39.05$49.52
Upside / Downside-25.82%-5.09%20.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)406.22411.15416.14421.19426.30431.48444.42
Payout Ratio53.44%60.76%68.07%75.38%82.69%90.00%92.50%
Projected Dividends (M)217.10249.79283.25317.48352.51388.33411.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate0.21%1.21%2.21%
Year 1 PV (M)229.99232.28234.58
Year 2 PV (M)240.11244.93249.79
Year 3 PV (M)247.79255.29262.93
Year 4 PV (M)253.31263.58274.15
Year 5 PV (M)256.93270.01283.61
PV of Terminal Value (M)5,992.616,297.636,614.94
Equity Value (M)7,220.757,563.717,920.00
Shares Outstanding (M)145.65145.65145.65
Fair Value$49.58$51.93$54.38
Upside / Downside20.48%26.20%32.15%

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