Definitive Analysis
| Stable Growth | $8.44 - $13.31 | $10.67 |
| Multi-Stage | $17.33 - $19.05 | $18.17 |
| Blended Fair Value | $14.42 | |
| Current Price | $3.83 | |
| Upside | 276.54% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.80% | 13.46% | 0.28 | 0.41 | 0.43 | 0.43 | 0.00 | 0.27 | 0.22 | 0.20 | 0.10 | 0.08 |
| YoY Growth | - | - | -30.60% | -5.93% | -0.50% | 170,700.00% | -99.91% | 21.85% | 13.40% | 96.54% | 25.83% | -0.57% |
| Dividend Yield | - | - | 11.21% | 10.82% | 9.08% | 8.67% | 0.01% | 4.45% | 5.02% | 3.93% | 1.55% | 1.64% |
| Net Income To Common (M) | 16.70 |
| (-) Cash Dividends Paid (M) | 10.41 |
| (=) Cash Retained (M) | 6.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.34 | 2.09 | 1.25 |
| Cash Retained (M) | 6.29 | 6.29 | 6.29 |
| (-) Cash Required (M) | -3.34 | -2.09 | -1.25 |
| (=) Excess Retained (M) | 2.95 | 4.20 | 5.04 |
| (/) Shares Outstanding (M) | 19.71 | 19.71 | 19.71 |
| (=) Excess Retained per Share | 0.15 | 0.21 | 0.26 |
| LTM Dividend per Share | 0.53 | 0.53 | 0.53 |
| (+) Excess Retained per Share | 0.15 | 0.21 | 0.26 |
| (=) Adjusted Dividend | 0.68 | 0.74 | 0.78 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | -1.20% | -0.20% | 0.80% |
| Fair Value | $8.44 | $10.67 | $13.31 |
| Upside / Downside | 120.35% | 178.55% | 247.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16.70 | 16.66 | 16.63 | 16.60 | 16.56 | 16.53 | 17.03 |
| Payout Ratio | 62.33% | 67.86% | 73.40% | 78.93% | 84.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.41 | 11.31 | 12.21 | 13.10 | 13.99 | 14.88 | 15.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | -1.20% | -0.20% | 0.80% |
| Year 1 PV (M) | 10.49 | 10.60 | 10.70 |
| Year 2 PV (M) | 10.50 | 10.71 | 10.93 |
| Year 3 PV (M) | 10.45 | 10.77 | 11.10 |
| Year 4 PV (M) | 10.35 | 10.78 | 11.22 |
| Year 5 PV (M) | 10.21 | 10.74 | 11.29 |
| PV of Terminal Value (M) | 289.58 | 304.53 | 320.10 |
| Equity Value (M) | 341.59 | 358.14 | 375.34 |
| Shares Outstanding (M) | 19.71 | 19.71 | 19.71 |
| Fair Value | $17.33 | $18.17 | $19.05 |
| Upside / Downside | 352.60% | 374.53% | 397.32% |
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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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