Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ASE Technology Holding Co., Ltd. (3711.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$829.72 - $1,589.28$1,489.39
Multi-Stage$252.44 - $276.11$264.06
Blended Fair Value$876.72
Current Price$147.50
Upside494.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.15%8.46%5.108.596.804.101.932.412.412.542.783.47
YoY Growth---40.65%26.17%65.86%112.21%-19.79%0.09%-5.36%-8.41%-19.96%53.48%
Dividend Yield--3.56%5.72%6.05%3.96%1.80%4.11%3.51%3.03%3.58%4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)35,219.94
(-) Cash Dividends Paid (M)23,034.58
(=) Cash Retained (M)12,185.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,043.994,402.492,641.50
Cash Retained (M)12,185.3512,185.3512,185.35
(-) Cash Required (M)-7,043.99-4,402.49-2,641.50
(=) Excess Retained (M)5,141.377,782.869,543.86
(/) Shares Outstanding (M)4,407.254,407.254,407.25
(=) Excess Retained per Share1.171.772.17
LTM Dividend per Share5.235.235.23
(+) Excess Retained per Share1.171.772.17
(=) Adjusted Dividend6.396.997.39
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$829.72$1,489.39$1,589.28
Upside / Downside462.52%909.76%977.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)35,219.9437,509.2339,947.3342,543.9145,309.2648,254.3649,702.00
Payout Ratio65.40%70.32%75.24%80.16%85.08%90.00%92.50%
Projected Dividends (M)23,034.5826,377.1330,056.8834,103.5638,549.3143,428.9345,974.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)24,577.8824,810.8525,043.81
Year 2 PV (M)26,096.2326,593.2927,095.04
Year 3 PV (M)27,589.9228,381.9329,188.95
Year 4 PV (M)29,059.2530,176.7831,326.25
Year 5 PV (M)30,504.4931,977.8733,507.64
PV of Terminal Value (M)974,750.031,021,830.821,070,713.51
Equity Value (M)1,112,577.801,163,771.541,216,875.19
Shares Outstanding (M)4,407.254,407.254,407.25
Fair Value$252.44$264.06$276.11
Upside / Downside71.15%79.02%87.19%

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