Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Chaheng Precision Co., Ltd. (4546.TWO)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Technology

Valuation Snapshot

Stable Growth$37.19 - $50.86$44.12
Multi-Stage$122.19 - $135.63$128.77
Blended Fair Value$86.44
Current Price$90.90
Upside-4.90%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-35.25%0.00%0.800.000.000.007.037.030.000.000.000.00
YoY Growth--0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.89%0.00%0.00%0.00%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)252.66
(-) Cash Dividends Paid (M)27.02
(=) Cash Retained (M)225.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.5331.5818.95
Cash Retained (M)225.64225.64225.64
(-) Cash Required (M)-50.53-31.58-18.95
(=) Excess Retained (M)175.11194.06206.69
(/) Shares Outstanding (M)33.7933.7933.79
(=) Excess Retained per Share5.185.746.12
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share5.185.746.12
(=) Adjusted Dividend5.986.546.92
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-8.61%-7.61%-6.61%
Fair Value$37.19$44.12$50.86
Upside / Downside-59.09%-51.46%-44.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)252.66233.44215.69199.28184.13170.12175.23
Payout Ratio10.69%26.56%42.42%58.28%74.14%90.00%92.50%
Projected Dividends (M)27.0261.9991.49116.14136.51153.11162.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.10%6.10%6.10%
Growth Rate-8.61%-7.61%-6.61%
Year 1 PV (M)57.8058.4359.06
Year 2 PV (M)79.5281.2783.04
Year 3 PV (M)94.1297.24100.43
Year 4 PV (M)103.14107.73112.47
Year 5 PV (M)107.86113.89120.18
PV of Terminal Value (M)3,685.923,892.044,107.27
Equity Value (M)4,128.364,350.604,582.46
Shares Outstanding (M)33.7933.7933.79
Fair Value$122.19$128.77$135.63
Upside / Downside34.42%41.66%49.21%

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