Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ascent Development Co Ltd (1439.TW)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$10.24 - $13.53$11.95
Multi-Stage$33.93 - $37.81$35.83
Blended Fair Value$23.89
Current Price$29.25
Upside-18.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-4.98%0.300.300.201.565.010.000.000.500.500.50
YoY Growth--0.00%50.00%-87.14%-68.90%0.00%0.00%-100.00%0.00%0.00%0.00%
Dividend Yield--0.95%1.08%0.89%6.53%19.68%0.00%0.00%1.81%2.43%3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)256.61
(-) Cash Dividends Paid (M)27.60
(=) Cash Retained (M)229.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)51.3232.0819.25
Cash Retained (M)229.01229.01229.01
(-) Cash Required (M)-51.32-32.08-19.25
(=) Excess Retained (M)177.69196.94209.77
(/) Shares Outstanding (M)91.8391.8391.83
(=) Excess Retained per Share1.932.142.28
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share1.932.142.28
(=) Adjusted Dividend2.242.452.58
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-12.72%-11.72%-10.72%
Fair Value$10.24$11.95$13.53
Upside / Downside-65.00%-59.13%-53.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)256.61226.53199.98176.54155.85137.58141.70
Payout Ratio10.76%26.60%42.45%58.30%74.15%90.00%92.50%
Projected Dividends (M)27.6060.2784.90102.93115.56123.82131.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-12.72%-11.72%-10.72%
Year 1 PV (M)56.0456.6857.32
Year 2 PV (M)73.3975.0876.80
Year 3 PV (M)82.7385.6188.55
Year 4 PV (M)86.3690.3994.55
Year 5 PV (M)86.0491.0896.36
PV of Terminal Value (M)2,731.452,891.553,059.08
Equity Value (M)3,116.003,290.393,472.65
Shares Outstanding (M)91.8391.8391.83
Fair Value$33.93$35.83$37.81
Upside / Downside16.00%22.49%29.28%

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