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NAK Sealing Technologies Corporation (9942.TW)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$220.74 - $723.14$358.54
Multi-Stage$227.74 - $249.25$238.29
Blended Fair Value$298.42
Current Price$111.00
Upside168.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.76%3.42%6.965.574.974.184.184.184.183.983.983.98
YoY Growth--25.00%12.00%19.05%0.00%0.00%0.00%5.00%0.00%0.00%-20.00%
Dividend Yield--6.00%4.11%4.11%4.69%4.39%7.08%5.74%4.47%4.94%4.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)696.77
(-) Cash Dividends Paid (M)582.13
(=) Cash Retained (M)114.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)139.3587.1052.26
Cash Retained (M)114.64114.64114.64
(-) Cash Required (M)-139.35-87.10-52.26
(=) Excess Retained (M)-24.7127.5562.38
(/) Shares Outstanding (M)83.5883.5883.58
(=) Excess Retained per Share-0.300.330.75
LTM Dividend per Share6.966.966.96
(+) Excess Retained per Share-0.300.330.75
(=) Adjusted Dividend6.677.297.71
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate3.40%4.40%5.40%
Fair Value$220.74$358.54$723.14
Upside / Downside98.86%223.01%551.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)696.77727.40759.39792.77827.63864.01889.93
Payout Ratio83.55%84.84%86.13%87.42%88.71%90.00%92.50%
Projected Dividends (M)582.13617.11654.04693.03734.18777.61823.19

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate3.40%4.40%5.40%
Year 1 PV (M)573.79579.34584.89
Year 2 PV (M)565.43576.42587.52
Year 3 PV (M)557.07573.40590.03
Year 4 PV (M)548.72570.26592.42
Year 5 PV (M)540.38567.02594.70
PV of Terminal Value (M)16,249.5317,050.6617,883.08
Equity Value (M)19,034.9219,917.0920,832.65
Shares Outstanding (M)83.5883.5883.58
Fair Value$227.74$238.29$249.25
Upside / Downside105.17%114.68%124.55%

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