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Definitive Analysis

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ASE Technology Holding Co., Ltd. (3711.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$330.86 - $1,589.28$717.06
Multi-Stage$182.63 - $199.45$190.89
Blended Fair Value$453.97
Current Price$147.50
Upside207.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.15%8.46%5.108.596.804.101.932.412.412.542.783.47
YoY Growth---40.65%26.17%65.86%112.21%-19.79%0.09%-5.36%-8.41%-19.96%53.48%
Dividend Yield--3.56%5.72%6.05%3.96%1.80%4.11%3.51%3.03%3.58%4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,219.94
(-) Cash Dividends Paid (M)23,034.58
(=) Cash Retained (M)12,185.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,043.994,402.492,641.50
Cash Retained (M)12,185.3512,185.3512,185.35
(-) Cash Required (M)-7,043.99-4,402.49-2,641.50
(=) Excess Retained (M)5,141.377,782.869,543.86
(/) Shares Outstanding (M)4,407.254,407.254,407.25
(=) Excess Retained per Share1.171.772.17
LTM Dividend per Share5.235.235.23
(+) Excess Retained per Share1.171.772.17
(=) Adjusted Dividend6.396.997.39
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate5.50%6.50%7.50%
Fair Value$330.86$717.06$1,589.28
Upside / Downside124.31%386.14%977.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,219.9437,509.2339,947.3342,543.9145,309.2648,254.3649,702.00
Payout Ratio65.40%70.32%75.24%80.16%85.08%90.00%92.50%
Projected Dividends (M)23,034.5826,377.1330,056.8834,103.5638,549.3143,428.9345,974.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)24,297.7624,528.0724,758.38
Year 2 PV (M)25,504.7625,990.5626,480.94
Year 3 PV (M)26,657.2827,422.5128,202.25
Year 4 PV (M)27,756.9328,824.3929,922.34
Year 5 PV (M)28,805.3230,196.6331,641.18
PV of Terminal Value (M)671,881.87704,334.01738,028.18
Equity Value (M)804,903.92841,296.17879,033.27
Shares Outstanding (M)4,407.254,407.254,407.25
Fair Value$182.63$190.89$199.45
Upside / Downside23.82%29.42%35.22%

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