Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

First Hi-tec Enterprise Co., Ltd. (5439.TWO)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$362.94 - $1,047.80$981.94
Multi-Stage$148.84 - $162.64$155.61
Blended Fair Value$568.78
Current Price$238.50
Upside138.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.63%12.54%4.103.303.602.312.132.591.851.681.261.34
YoY Growth--24.24%-8.33%55.72%8.70%-17.86%40.00%10.26%33.33%-6.25%6.67%
Dividend Yield--2.32%2.64%5.39%4.17%3.35%8.05%3.58%4.07%4.16%6.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)490.12
(-) Cash Dividends Paid (M)381.20
(=) Cash Retained (M)108.92
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)98.0261.2636.76
Cash Retained (M)108.92108.92108.92
(-) Cash Required (M)-98.02-61.26-36.76
(=) Excess Retained (M)10.8947.6572.16
(/) Shares Outstanding (M)93.0393.0393.03
(=) Excess Retained per Share0.120.510.78
LTM Dividend per Share4.104.104.10
(+) Excess Retained per Share0.120.510.78
(=) Adjusted Dividend4.214.614.87
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.50%6.50%7.50%
Fair Value$362.94$981.94$1,047.80
Upside / Downside52.17%311.72%339.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)490.12521.98555.91592.04630.52671.51691.65
Payout Ratio77.78%80.22%82.67%85.11%87.56%90.00%92.50%
Projected Dividends (M)381.20418.74459.55503.89552.06604.35639.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)388.67392.35396.04
Year 2 PV (M)395.91403.46411.07
Year 3 PV (M)402.94414.51426.30
Year 4 PV (M)409.76425.52441.72
Year 5 PV (M)416.36436.47457.35
PV of Terminal Value (M)11,831.9612,403.4512,996.81
Equity Value (M)13,845.6114,475.7615,129.29
Shares Outstanding (M)93.0393.0393.03
Fair Value$148.84$155.61$162.64
Upside / Downside-37.59%-34.75%-31.81%

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