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Formosa Prosonic Industries Berhad (9172.KL)

Company Dividend Discount ModelIndustry: Consumer ElectronicsSector: Technology

Valuation Snapshot

Stable Growth$2.32 - $3.59$2.91
Multi-Stage$5.45 - $5.99$5.71
Blended Fair Value$4.31
Current Price$1.66
Upside159.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS18.95%0.00%0.230.210.200.130.110.100.000.000.000.00
YoY Growth--9.18%5.69%47.43%27.27%10.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--10.28%6.66%6.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63.58
(-) Cash Dividends Paid (M)46.13
(=) Cash Retained (M)17.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.727.954.77
Cash Retained (M)17.4517.4517.45
(-) Cash Required (M)-12.72-7.95-4.77
(=) Excess Retained (M)4.749.5012.68
(/) Shares Outstanding (M)257.04257.04257.04
(=) Excess Retained per Share0.020.040.05
LTM Dividend per Share0.180.180.18
(+) Excess Retained per Share0.020.040.05
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.32$2.91$3.59
Upside / Downside39.59%75.16%116.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63.5862.9562.3261.6961.0860.4662.28
Payout Ratio72.55%76.04%79.53%83.02%86.51%90.00%92.50%
Projected Dividends (M)46.1347.8649.5651.2252.8454.4257.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.37%6.37%6.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)44.5445.0045.45
Year 2 PV (M)42.9243.8044.69
Year 3 PV (M)41.2842.5643.86
Year 4 PV (M)39.6341.2742.97
Year 5 PV (M)37.9939.9642.02
PV of Terminal Value (M)1,193.481,255.631,320.34
Equity Value (M)1,399.851,468.231,539.34
Shares Outstanding (M)257.04257.04257.04
Fair Value$5.45$5.71$5.99
Upside / Downside228.07%244.10%260.76%

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