Definitive Analysis
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Definitive Analysis

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Taiwan Business Bank, Ltd. (2834.TW)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$207.95 - $245.01$229.61
Multi-Stage$55.59 - $60.95$58.22
Blended Fair Value$143.91
Current Price$15.75
Upside813.72%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.03%0.00%0.170.080.080.080.140.190.170.060.060.00
YoY Growth--104.80%3.70%3.40%-47.50%-25.64%16.42%170.63%7.10%0.00%0.00%
Dividend Yield--1.21%0.60%0.71%0.74%1.88%2.73%1.98%1.05%1.05%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12,155.74
(-) Cash Dividends Paid (M)1,833.60
(=) Cash Retained (M)10,322.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,431.151,519.47911.68
Cash Retained (M)10,322.1510,322.1510,322.15
(-) Cash Required (M)-2,431.15-1,519.47-911.68
(=) Excess Retained (M)7,891.008,802.689,410.47
(/) Shares Outstanding (M)9,867.009,867.009,867.00
(=) Excess Retained per Share0.800.890.95
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share0.800.890.95
(=) Adjusted Dividend0.991.081.14
WACC / Discount Rate5.29%5.29%5.29%
Growth Rate5.50%6.50%7.50%
Fair Value$207.95$229.61$245.01
Upside / Downside1,220.35%1,357.82%1,455.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12,155.7412,945.8713,787.3514,683.5315,637.9516,654.4217,154.05
Payout Ratio15.08%30.07%45.05%60.03%75.02%90.00%92.50%
Projected Dividends (M)1,833.603,892.486,211.278,815.0611,731.1014,988.9815,867.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.29%5.29%5.29%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,662.333,697.043,731.76
Year 2 PV (M)5,498.485,603.215,708.93
Year 3 PV (M)7,342.077,552.837,767.59
Year 4 PV (M)9,193.119,546.669,910.30
Year 5 PV (M)11,051.6511,585.4512,139.67
PV of Terminal Value (M)511,717.34536,433.48562,095.57
Equity Value (M)548,464.98574,418.67601,353.81
Shares Outstanding (M)9,867.009,867.009,867.00
Fair Value$55.59$58.22$60.95
Upside / Downside252.93%269.63%286.96%

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