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Howteh Technology Co., Ltd. (3114.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$19.20 - $28.66$23.70
Multi-Stage$37.33 - $41.02$39.14
Blended Fair Value$31.42
Current Price$24.20
Upside29.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.03%0.00%1.201.250.811.090.861.200.460.380.610.00
YoY Growth---4.00%53.11%-25.00%26.60%-28.22%160.00%20.00%-37.50%0.00%0.00%
Dividend Yield--4.78%4.51%3.12%4.43%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)152.40
(-) Cash Dividends Paid (M)78.16
(=) Cash Retained (M)74.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.4819.0511.43
Cash Retained (M)74.2574.2574.25
(-) Cash Required (M)-30.48-19.05-11.43
(=) Excess Retained (M)43.7755.2062.82
(/) Shares Outstanding (M)65.2565.2565.25
(=) Excess Retained per Share0.670.850.96
LTM Dividend per Share1.201.201.20
(+) Excess Retained per Share0.670.850.96
(=) Adjusted Dividend1.872.042.16
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Fair Value$19.20$23.70$28.66
Upside / Downside-20.67%-2.08%18.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)152.40150.88149.37147.88146.40144.93149.28
Payout Ratio51.28%59.03%66.77%74.51%82.26%90.00%92.50%
Projected Dividends (M)78.1689.0699.73110.19120.42130.44138.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)81.9882.8283.65
Year 2 PV (M)84.5186.2487.99
Year 3 PV (M)85.9488.6091.31
Year 4 PV (M)86.4690.0493.74
Year 5 PV (M)86.2190.7095.37
PV of Terminal Value (M)2,011.102,115.822,224.86
Equity Value (M)2,436.202,554.222,676.93
Shares Outstanding (M)65.2565.2565.25
Fair Value$37.33$39.14$41.02
Upside / Downside54.27%61.75%69.52%

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