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Goldsun Building Materials Co., Ltd. (2504.TW)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$46.89 - $86.08$63.08
Multi-Stage$84.04 - $92.19$88.04
Blended Fair Value$75.56
Current Price$36.35
Upside107.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS48.23%0.00%2.102.001.801.500.350.290.590.030.120.51
YoY Growth--5.00%11.11%20.00%327.91%19.46%-50.00%1,943.32%-76.37%-76.26%0.00%
Dividend Yield--5.16%5.23%6.46%5.05%1.30%2.28%5.87%0.26%1.23%4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,834.73
(-) Cash Dividends Paid (M)3,304.03
(=) Cash Retained (M)530.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)766.95479.34287.60
Cash Retained (M)530.70530.70530.70
(-) Cash Required (M)-766.95-479.34-287.60
(=) Excess Retained (M)-236.2451.36243.10
(/) Shares Outstanding (M)1,178.051,178.051,178.05
(=) Excess Retained per Share-0.200.040.21
LTM Dividend per Share2.802.802.80
(+) Excess Retained per Share-0.200.040.21
(=) Adjusted Dividend2.602.853.01
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate0.71%1.71%2.71%
Fair Value$46.89$63.08$86.08
Upside / Downside29.00%73.53%136.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,834.733,900.123,966.624,034.274,103.064,173.034,298.22
Payout Ratio86.16%86.93%87.70%88.46%89.23%90.00%92.50%
Projected Dividends (M)3,304.033,390.323,478.593,568.883,661.253,755.723,975.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate0.71%1.71%2.71%
Year 1 PV (M)3,158.093,189.453,220.81
Year 2 PV (M)3,018.373,078.613,139.45
Year 3 PV (M)2,884.612,971.393,059.91
Year 4 PV (M)2,756.562,867.702,982.15
Year 5 PV (M)2,634.012,767.412,906.16
PV of Terminal Value (M)84,554.7588,837.0993,291.20
Equity Value (M)99,006.39103,711.65108,599.68
Shares Outstanding (M)1,178.051,178.051,178.05
Fair Value$84.04$88.04$92.19
Upside / Downside131.20%142.19%153.61%

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