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Greatek Electronics Inc. (2441.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$55.21 - $96.69$72.89
Multi-Stage$79.74 - $87.31$83.45
Blended Fair Value$78.17
Current Price$63.10
Upside23.88%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.53%2.26%2.483.674.963.072.282.682.972.732.382.78
YoY Growth---32.43%-26.00%61.29%34.78%-14.81%-10.00%9.09%14.58%-14.29%40.00%
Dividend Yield--4.30%5.85%9.30%4.14%3.21%6.37%6.98%4.89%5.72%7.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,389.50
(-) Cash Dividends Paid (M)1,706.54
(=) Cash Retained (M)682.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)477.90298.69179.21
Cash Retained (M)682.96682.96682.96
(-) Cash Required (M)-477.90-298.69-179.21
(=) Excess Retained (M)205.06384.27503.75
(/) Shares Outstanding (M)573.76573.76573.76
(=) Excess Retained per Share0.360.670.88
LTM Dividend per Share2.972.972.97
(+) Excess Retained per Share0.360.670.88
(=) Adjusted Dividend3.333.643.85
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate1.41%2.41%3.41%
Fair Value$55.21$72.89$96.69
Upside / Downside-12.51%15.51%53.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,389.502,447.082,506.062,566.452,628.312,691.652,772.40
Payout Ratio71.42%75.13%78.85%82.57%86.28%90.00%92.50%
Projected Dividends (M)1,706.541,838.611,976.052,119.052,267.802,422.482,564.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate1.41%2.41%3.41%
Year 1 PV (M)1,693.161,709.851,726.55
Year 2 PV (M)1,675.771,708.991,742.52
Year 3 PV (M)1,654.881,704.321,754.74
Year 4 PV (M)1,630.941,696.231,763.46
Year 5 PV (M)1,604.361,685.041,768.93
PV of Terminal Value (M)37,491.5239,376.8441,337.27
Equity Value (M)45,750.6347,881.2850,093.47
Shares Outstanding (M)573.76573.76573.76
Fair Value$79.74$83.45$87.31
Upside / Downside26.37%32.25%38.36%

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