Definitive Analysis
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Definitive Analysis

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Taiwan Fire & Marine Insurance Co., Ltd. (2832.TW)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$149.47 - $663.16$351.99
Multi-Stage$85.69 - $93.67$89.61
Blended Fair Value$220.80
Current Price$53.57
Upside312.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.63%1.64%1.421.090.821.201.090.981.200.981.310.99
YoY Growth--30.00%33.33%-31.82%10.00%11.11%-18.18%22.22%-25.00%32.74%-18.18%
Dividend Yield--4.22%4.12%3.95%5.80%4.88%5.35%5.98%4.77%6.89%4.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,108.58
(-) Cash Dividends Paid (M)724.40
(=) Cash Retained (M)384.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)221.72138.5783.14
Cash Retained (M)384.18384.18384.18
(-) Cash Required (M)-221.72-138.57-83.14
(=) Excess Retained (M)162.46245.60301.03
(/) Shares Outstanding (M)331.26331.26331.26
(=) Excess Retained per Share0.490.740.91
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share0.490.740.91
(=) Adjusted Dividend2.682.933.10
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate5.11%6.11%7.11%
Fair Value$149.47$351.99$663.16
Upside / Downside179.02%557.06%1,137.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,108.581,176.361,248.281,324.601,405.581,491.521,536.27
Payout Ratio65.35%70.28%75.21%80.14%85.07%90.00%92.50%
Projected Dividends (M)724.40826.70938.791,061.511,195.721,342.371,421.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.00%7.00%7.00%
Growth Rate5.11%6.11%7.11%
Year 1 PV (M)765.36772.64779.92
Year 2 PV (M)804.64820.03835.56
Year 3 PV (M)842.31866.58891.31
Year 4 PV (M)878.41912.32947.20
Year 5 PV (M)912.97957.231,003.20
PV of Terminal Value (M)24,181.4925,353.8426,571.22
Equity Value (M)28,385.1929,682.6331,028.40
Shares Outstanding (M)331.26331.26331.26
Fair Value$85.69$89.61$93.67
Upside / Downside59.96%67.27%74.85%

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