Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ACES Electronics Co., Ltd. (3605.TW)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$129.69 - $586.16$227.19
Multi-Stage$107.88 - $118.29$112.99
Blended Fair Value$170.09
Current Price$71.50
Upside137.88%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.461.270.540.580.540.310.460.310.93
YoY Growth---100.00%-63.33%135.30%-6.67%7.14%75.00%-33.33%49.36%-66.70%71.55%
Dividend Yield--0.00%1.22%4.03%1.15%1.30%2.90%1.24%1.78%1.21%2.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)671.71
(-) Cash Dividends Paid (M)111.53
(=) Cash Retained (M)560.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)134.3483.9650.38
Cash Retained (M)560.17560.17560.17
(-) Cash Required (M)-134.34-83.96-50.38
(=) Excess Retained (M)425.83476.21509.79
(/) Shares Outstanding (M)159.24159.24159.24
(=) Excess Retained per Share2.672.993.20
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share2.672.993.20
(=) Adjusted Dividend3.373.693.90
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.97%4.97%5.97%
Fair Value$129.69$227.19$586.16
Upside / Downside81.38%217.74%719.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)671.71705.09740.13776.91815.52856.05881.73
Payout Ratio16.60%31.28%45.96%60.64%75.32%90.00%92.50%
Projected Dividends (M)111.53220.58340.18471.13614.26770.44815.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.97%4.97%5.97%
Year 1 PV (M)204.80206.77208.74
Year 2 PV (M)293.27298.94304.66
Year 3 PV (M)377.12388.11399.31
Year 4 PV (M)456.53474.35492.68
Year 5 PV (M)531.67557.73584.81
PV of Terminal Value (M)15,314.6816,065.4816,845.45
Equity Value (M)17,178.0817,991.3918,835.66
Shares Outstanding (M)159.24159.24159.24
Fair Value$107.88$112.99$118.29
Upside / Downside50.88%58.02%65.44%

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