Definitive Analysis
| Stable Growth | $6.80 - $9.74 | $8.24 |
| Multi-Stage | $17.68 - $19.47 | $18.56 |
| Blended Fair Value | $13.40 | |
| Current Price | $8.33 | |
| Upside | 60.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.64% | 1.06% | 0.35 | 0.35 | 0.30 | 0.35 | 0.40 | 0.40 | 0.50 | 0.47 | 0.46 | 0.36 |
| YoY Growth | - | - | -0.03% | 16.67% | -14.29% | -12.50% | 0.00% | -20.00% | 6.38% | 2.17% | 29.58% | 12.70% |
| Dividend Yield | - | - | 4.21% | 3.70% | 2.86% | 3.51% | 3.31% | 4.01% | 4.77% | 3.37% | 3.84% | 4.42% |
| Net Income To Common (M) | 2.19 |
| (-) Cash Dividends Paid (M) | 1.51 |
| (=) Cash Retained (M) | 0.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 0.44 | 0.27 | 0.16 |
| Cash Retained (M) | 0.68 | 0.68 | 0.68 |
| (-) Cash Required (M) | -0.44 | -0.27 | -0.16 |
| (=) Excess Retained (M) | 0.24 | 0.40 | 0.51 |
| (/) Shares Outstanding (M) | 2.15 | 2.15 | 2.15 |
| (=) Excess Retained per Share | 0.11 | 0.19 | 0.24 |
| LTM Dividend per Share | 0.70 | 0.70 | 0.70 |
| (+) Excess Retained per Share | 0.11 | 0.19 | 0.24 |
| (=) Adjusted Dividend | 0.81 | 0.89 | 0.94 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -4.64% | -3.64% | -2.64% |
| Fair Value | $6.80 | $8.24 | $9.74 |
| Upside / Downside | -18.34% | -1.05% | 16.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2.19 | 2.11 | 2.03 | 1.96 | 1.88 | 1.82 | 1.87 |
| Payout Ratio | 69.10% | 73.28% | 77.46% | 81.64% | 85.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.51 | 1.54 | 1.57 | 1.60 | 1.62 | 1.63 | 1.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -4.64% | -3.64% | -2.64% |
| Year 1 PV (M) | 1.43 | 1.45 | 1.46 |
| Year 2 PV (M) | 1.35 | 1.38 | 1.41 |
| Year 3 PV (M) | 1.27 | 1.31 | 1.35 |
| Year 4 PV (M) | 1.19 | 1.25 | 1.30 |
| Year 5 PV (M) | 1.12 | 1.18 | 1.24 |
| PV of Terminal Value (M) | 31.71 | 33.41 | 35.18 |
| Equity Value (M) | 38.08 | 39.97 | 41.94 |
| Shares Outstanding (M) | 2.15 | 2.15 | 2.15 |
| Fair Value | $17.68 | $18.56 | $19.47 |
| Upside / Downside | 112.22% | 122.77% | 133.75% |
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| 5434.TW | Topco Scientific Co.,Ltd. | 3.97% | $11.76 | 59.09% |
| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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