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Ton Yi Industrial Corp. (9907.TW)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$17.75 - $30.87$23.37
Multi-Stage$34.02 - $37.35$35.65
Blended Fair Value$29.51
Current Price$17.90
Upside64.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.59%-7.44%0.301.481.000.530.000.470.500.380.320.45
YoY Growth---79.73%48.00%88.68%0.00%-100.00%-6.00%31.58%18.75%-28.89%-30.77%
Dividend Yield--1.76%10.16%5.18%2.93%0.00%5.87%3.84%2.90%2.04%3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,176.03
(-) Cash Dividends Paid (M)1,531.77
(=) Cash Retained (M)644.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)435.21272.00163.20
Cash Retained (M)644.25644.25644.25
(-) Cash Required (M)-435.21-272.00-163.20
(=) Excess Retained (M)209.05372.25481.05
(/) Shares Outstanding (M)1,580.571,580.571,580.57
(=) Excess Retained per Share0.130.240.30
LTM Dividend per Share0.970.970.97
(+) Excess Retained per Share0.130.240.30
(=) Adjusted Dividend1.101.201.27
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.10%1.10%2.10%
Fair Value$17.75$23.37$30.87
Upside / Downside-0.84%30.55%72.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,176.032,199.982,224.202,248.692,273.452,298.482,367.43
Payout Ratio70.39%74.31%78.24%82.16%86.08%90.00%92.50%
Projected Dividends (M)1,531.771,634.911,740.121,847.461,956.952,068.632,189.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate0.10%1.10%2.10%
Year 1 PV (M)1,522.621,537.831,553.04
Year 2 PV (M)1,509.311,539.611,570.22
Year 3 PV (M)1,492.351,537.531,583.60
Year 4 PV (M)1,472.231,531.941,593.46
Year 5 PV (M)1,449.361,523.211,600.05
PV of Terminal Value (M)46,318.1548,678.4151,133.92
Equity Value (M)53,764.0156,348.5359,034.29
Shares Outstanding (M)1,580.571,580.571,580.57
Fair Value$34.02$35.65$37.35
Upside / Downside90.03%99.17%108.66%

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