Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Whetron Electronics Co.,Ltd. (6722.TWO)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,358.73 - $1,600.81$1,500.20
Multi-Stage$1,140.40 - $1,251.69$1,195.01
Blended Fair Value$1,347.60
Current Price$54.10
Upside2,390.94%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS53.87%0.00%1.990.000.000.000.000.230.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.84%0.00%0.00%0.00%0.00%0.43%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)631.29
(-) Cash Dividends Paid (M)156.00
(=) Cash Retained (M)475.29
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)126.2678.9147.35
Cash Retained (M)475.29475.29475.29
(-) Cash Required (M)-126.26-78.91-47.35
(=) Excess Retained (M)349.03396.38427.94
(/) Shares Outstanding (M)78.4378.4378.43
(=) Excess Retained per Share4.455.055.46
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share4.455.055.46
(=) Adjusted Dividend6.447.047.45
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate5.50%6.50%7.50%
Fair Value$1,358.73$1,500.20$1,600.81
Upside / Downside2,411.51%2,673.01%2,858.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)631.29672.32716.02762.56812.13864.92890.86
Payout Ratio24.71%37.77%50.83%63.88%76.94%90.00%92.50%
Projected Dividends (M)156.00253.93363.93487.16624.87778.42824.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.97%-1.97%-1.97%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)256.60259.04261.47
Year 2 PV (M)371.63378.71385.86
Year 3 PV (M)502.71517.14531.84
Year 4 PV (M)651.60676.66702.44
Year 5 PV (M)820.27859.89901.03
PV of Terminal Value (M)86,835.0891,029.2495,383.93
Equity Value (M)89,437.9093,720.6898,166.56
Shares Outstanding (M)78.4378.4378.43
Fair Value$1,140.40$1,195.01$1,251.69
Upside / Downside2,007.94%2,108.88%2,213.67%

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