Definitive Analysis
| Stable Growth | $27.26 - $39.24 | $33.11 |
| Multi-Stage | $44.31 - $48.66 | $46.44 |
| Blended Fair Value | $39.77 | |
| Current Price | $12.02 | |
| Upside | 230.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.80 | 0.92 | 0.91 | 0.87 | 0.96 | 0.91 | 0.92 | 0.91 | 0.92 |
| YoY Growth | - | - | -100.00% | -12.75% | 0.29% | 4.66% | -8.70% | 4.66% | -1.01% | 1.09% | -0.22% | -0.53% |
| Dividend Yield | - | - | 0.00% | 7.44% | 9.48% | 7.41% | 5.94% | 7.48% | 7.01% | 7.30% | 6.85% | 7.08% |
| Net Income To Common (M) | 34.67 |
| (-) Cash Dividends Paid (M) | 10.77 |
| (=) Cash Retained (M) | 23.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6.93 | 4.33 | 2.60 |
| Cash Retained (M) | 23.90 | 23.90 | 23.90 |
| (-) Cash Required (M) | -6.93 | -4.33 | -2.60 |
| (=) Excess Retained (M) | 16.96 | 19.56 | 21.30 |
| (/) Shares Outstanding (M) | 8.98 | 8.98 | 8.98 |
| (=) Excess Retained per Share | 1.89 | 2.18 | 2.37 |
| LTM Dividend per Share | 1.20 | 1.20 | 1.20 |
| (+) Excess Retained per Share | 1.89 | 2.18 | 2.37 |
| (=) Adjusted Dividend | 3.09 | 3.38 | 3.57 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $27.26 | $33.11 | $39.24 |
| Upside / Downside | 126.83% | 175.45% | 226.46% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34.67 | 34.32 | 33.98 | 33.64 | 33.30 | 32.97 | 33.96 |
| Payout Ratio | 31.06% | 42.85% | 54.64% | 66.43% | 78.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.77 | 14.71 | 18.57 | 22.34 | 26.05 | 29.67 | 31.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 13.34 | 13.48 | 13.62 |
| Year 2 PV (M) | 15.28 | 15.60 | 15.91 |
| Year 3 PV (M) | 16.69 | 17.21 | 17.73 |
| Year 4 PV (M) | 17.65 | 18.39 | 19.14 |
| Year 5 PV (M) | 18.25 | 19.20 | 20.19 |
| PV of Terminal Value (M) | 316.78 | 333.28 | 350.46 |
| Equity Value (M) | 398.01 | 417.15 | 437.05 |
| Shares Outstanding (M) | 8.98 | 8.98 | 8.98 |
| Fair Value | $44.31 | $46.44 | $48.66 |
| Upside / Downside | 268.63% | 286.36% | 304.79% |
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|---|---|---|---|---|
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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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