Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Elite Advanced Laser Corporation (3450.TW)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$126.94 - $360.63$198.19
Multi-Stage$454.44 - $501.76$477.63
Blended Fair Value$337.91
Current Price$272.00
Upside24.23%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.501.801.401.003.002.734.924.102.37
YoY Growth---100.00%-72.22%28.57%40.00%-66.67%10.00%-44.62%20.00%73.33%0.00%
Dividend Yield--0.00%0.67%4.48%2.83%1.51%4.92%4.04%4.83%3.58%2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)798.59
(-) Cash Dividends Paid (M)72.84
(=) Cash Retained (M)725.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)159.7299.8259.89
Cash Retained (M)725.75725.75725.75
(-) Cash Required (M)-159.72-99.82-59.89
(=) Excess Retained (M)566.03625.93665.86
(/) Shares Outstanding (M)145.79145.79145.79
(=) Excess Retained per Share3.884.294.57
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share3.884.294.57
(=) Adjusted Dividend4.384.795.07
WACC / Discount Rate2.49%2.49%2.49%
Growth Rate-0.93%0.07%1.07%
Fair Value$126.94$198.19$360.63
Upside / Downside-53.33%-27.13%32.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)798.59799.13799.67800.21800.76801.30825.34
Payout Ratio9.12%25.30%41.47%57.65%73.82%90.00%92.50%
Projected Dividends (M)72.84202.16331.65461.31591.15721.17763.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.49%2.49%2.49%
Growth Rate-0.93%0.07%1.07%
Year 1 PV (M)195.28197.25199.22
Year 2 PV (M)309.46315.74322.08
Year 3 PV (M)415.81428.53441.50
Year 4 PV (M)514.71535.81557.55
Year 5 PV (M)606.55637.79670.30
PV of Terminal Value (M)64,210.3067,517.1170,958.79
Equity Value (M)66,252.1169,632.2373,149.45
Shares Outstanding (M)145.79145.79145.79
Fair Value$454.44$477.63$501.76
Upside / Downside67.08%75.60%84.47%

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