Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

UNISEM Co., Ltd. (036200.KQ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$3,172.34 - $4,735.86$3,915.66
Multi-Stage$5,972.26 - $6,574.05$6,267.25
Blended Fair Value$5,091.45
Current Price$6,120.00
Upside-16.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS5.92%0.00%80.08100.10120.1180.0850.0560.0660.0640.5430.410.00
YoY Growth---20.00%-16.67%50.00%60.00%-16.67%0.00%48.13%33.33%0.00%0.00%
Dividend Yield--1.29%1.09%1.32%0.69%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11,342.79
(-) Cash Dividends Paid (M)2,353.28
(=) Cash Retained (M)8,989.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,268.561,417.85850.71
Cash Retained (M)8,989.518,989.518,989.51
(-) Cash Required (M)-2,268.56-1,417.85-850.71
(=) Excess Retained (M)6,720.957,571.668,138.80
(/) Shares Outstanding (M)29.3929.3929.39
(=) Excess Retained per Share228.70257.64276.94
LTM Dividend per Share80.0880.0880.08
(+) Excess Retained per Share228.70257.64276.94
(=) Adjusted Dividend308.77337.72357.02
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3,172.34$3,915.66$4,735.86
Upside / Downside-48.16%-36.02%-22.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,342.7911,229.3711,117.0711,005.9010,895.8410,786.8811,110.49
Payout Ratio20.75%34.60%48.45%62.30%76.15%90.00%92.50%
Projected Dividends (M)2,353.283,885.095,386.026,856.548,297.129,708.1910,277.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,576.243,612.743,649.23
Year 2 PV (M)4,563.744,657.354,751.91
Year 3 PV (M)5,347.915,513.305,682.06
Year 4 PV (M)5,957.076,203.966,458.45
Year 5 PV (M)6,416.096,750.197,098.06
PV of Terminal Value (M)149,651.69157,444.40165,558.41
Equity Value (M)175,512.74184,181.94193,198.13
Shares Outstanding (M)29.3929.3929.39
Fair Value$5,972.26$6,267.25$6,574.05
Upside / Downside-2.41%2.41%7.42%

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