Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Taiwan Allied Container Terminal Corp. (5601.TWO)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$5.60 - $10.17$7.50
Multi-Stage$9.68 - $10.61$10.14
Blended Fair Value$8.82
Current Price$38.10
Upside-76.85%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.12%0.00%0.390.480.260.250.210.300.000.000.000.00
YoY Growth---19.81%84.52%4.08%19.05%-30.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.03%1.32%0.62%0.62%0.73%1.16%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)25.56
(-) Cash Dividends Paid (M)22.68
(=) Cash Retained (M)2.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.113.191.92
Cash Retained (M)2.882.882.88
(-) Cash Required (M)-5.11-3.19-1.92
(=) Excess Retained (M)-2.24-0.320.96
(/) Shares Outstanding (M)64.3564.3564.35
(=) Excess Retained per Share-0.030.000.01
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share-0.030.000.01
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate0.80%1.80%2.80%
Fair Value$5.60$7.50$10.17
Upside / Downside-85.29%-80.31%-73.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)25.5626.0226.4826.9627.4527.9428.78
Payout Ratio88.75%89.00%89.25%89.50%89.75%90.00%92.50%
Projected Dividends (M)22.6823.1523.6424.1324.6325.1526.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate0.80%1.80%2.80%
Year 1 PV (M)21.5221.7421.95
Year 2 PV (M)20.4320.8321.25
Year 3 PV (M)19.3819.9720.56
Year 4 PV (M)18.4019.1419.90
Year 5 PV (M)17.4618.3419.26
PV of Terminal Value (M)525.79552.39580.06
Equity Value (M)622.98652.41682.98
Shares Outstanding (M)64.3564.3564.35
Fair Value$9.68$10.14$10.61
Upside / Downside-74.59%-73.39%-72.14%

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