Definitive Analysis
Definitive Analysis

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Taiwan Cogeneration Corporation (8926.TW)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$218.74 - $474.07$444.27
Multi-Stage$73.95 - $80.81$77.32
Blended Fair Value$260.80
Current Price$47.65
Upside447.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.79%7.14%1.930.851.411.531.371.211.050.971.051.29
YoY Growth--127.88%-40.00%-7.89%11.76%13.33%15.38%8.33%-7.69%-18.75%33.33%
Dividend Yield--4.69%1.78%3.69%4.42%3.92%4.57%4.40%3.99%4.97%5.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,743.35
(-) Cash Dividends Paid (M)1,533.59
(=) Cash Retained (M)209.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)348.67217.92130.75
Cash Retained (M)209.75209.75209.75
(-) Cash Required (M)-348.67-217.92-130.75
(=) Excess Retained (M)-138.92-8.1779.00
(/) Shares Outstanding (M)731.34731.34731.34
(=) Excess Retained per Share-0.19-0.010.11
LTM Dividend per Share2.102.102.10
(+) Excess Retained per Share-0.19-0.010.11
(=) Adjusted Dividend1.912.092.20
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Fair Value$218.74$444.27$474.07
Upside / Downside359.06%832.37%894.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,743.351,856.661,977.352,105.872,242.752,388.532,460.19
Payout Ratio87.97%88.37%88.78%89.19%89.59%90.00%92.50%
Projected Dividends (M)1,533.591,640.821,755.511,878.172,009.372,149.682,275.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,527.361,541.841,556.31
Year 2 PV (M)1,521.121,550.091,579.34
Year 3 PV (M)1,514.881,558.361,602.67
Year 4 PV (M)1,508.631,566.641,626.32
Year 5 PV (M)1,502.371,574.931,650.28
PV of Terminal Value (M)46,507.0048,753.3151,085.58
Equity Value (M)54,081.3556,545.1859,100.51
Shares Outstanding (M)731.34731.34731.34
Fair Value$73.95$77.32$80.81
Upside / Downside55.19%62.26%69.59%

High-Yield Dividend Screener

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