Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ASROCK Incorporation (3515.TW)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$244.38 - $529.95$349.67
Multi-Stage$186.32 - $203.01$194.51
Blended Fair Value$272.09
Current Price$274.00
Upside-0.70%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.37%-1.96%7.318.7413.037.803.903.903.901.862.333.72
YoY Growth---16.32%-32.93%66.94%100.00%-0.05%-0.04%109.92%-20.00%-37.50%-58.23%
Dividend Yield--3.95%3.41%9.24%3.63%2.43%3.68%6.21%2.11%5.70%8.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,568.42
(-) Cash Dividends Paid (M)904.19
(=) Cash Retained (M)664.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)313.68196.05117.63
Cash Retained (M)664.23664.23664.23
(-) Cash Required (M)-313.68-196.05-117.63
(=) Excess Retained (M)350.55468.18546.60
(/) Shares Outstanding (M)123.70123.70123.70
(=) Excess Retained per Share2.833.784.42
LTM Dividend per Share7.317.317.31
(+) Excess Retained per Share2.833.784.42
(=) Adjusted Dividend10.1411.0911.73
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Fair Value$244.38$349.67$529.95
Upside / Downside-10.81%27.62%93.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,568.421,670.371,778.941,894.572,017.722,148.872,213.34
Payout Ratio57.65%64.12%70.59%77.06%83.53%90.00%92.50%
Projected Dividends (M)904.191,071.041,255.751,459.961,685.401,933.992,047.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)965.59974.74983.89
Year 2 PV (M)1,020.661,040.101,059.72
Year 3 PV (M)1,069.801,100.511,131.80
Year 4 PV (M)1,113.411,156.231,200.27
Year 5 PV (M)1,151.841,207.471,265.24
PV of Terminal Value (M)17,725.3718,581.5119,470.42
Equity Value (M)23,046.6624,060.5625,111.34
Shares Outstanding (M)123.70123.70123.70
Fair Value$186.32$194.51$203.01
Upside / Downside-32.00%-29.01%-25.91%

High-Yield Dividend Screener

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