Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

HannStar Board Corporation (5469.TW)

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

Valuation Snapshot

Stable Growth$173.77 - $642.33$291.09
Multi-Stage$555.71 - $613.99$584.26
Blended Fair Value$437.68
Current Price$91.50
Upside378.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.47%0.00%1.742.622.402.401.820.930.740.560.190.56
YoY Growth---33.33%9.09%0.00%31.42%96.82%24.72%33.33%200.00%-66.67%0.00%
Dividend Yield--3.33%3.94%6.20%5.21%3.40%2.59%2.61%2.97%0.96%5.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,157.80
(-) Cash Dividends Paid (M)1,215.42
(=) Cash Retained (M)1,942.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)631.56394.72236.83
Cash Retained (M)1,942.381,942.381,942.38
(-) Cash Required (M)-631.56-394.72-236.83
(=) Excess Retained (M)1,310.821,547.661,705.55
(/) Shares Outstanding (M)484.97484.97484.97
(=) Excess Retained per Share2.703.193.52
LTM Dividend per Share2.512.512.51
(+) Excess Retained per Share2.703.193.52
(=) Adjusted Dividend5.215.706.02
WACC / Discount Rate0.94%0.94%0.94%
Growth Rate-2.00%-1.00%0.00%
Fair Value$173.77$291.09$642.33
Upside / Downside89.91%218.13%602.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,157.803,126.223,094.963,064.013,033.373,003.043,093.13
Payout Ratio38.49%48.79%59.09%69.40%79.70%90.00%92.50%
Projected Dividends (M)1,215.421,525.331,828.922,126.292,417.532,702.732,861.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.94%0.94%0.94%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,495.891,511.161,526.42
Year 2 PV (M)1,759.021,795.101,831.55
Year 3 PV (M)2,005.562,067.582,130.87
Year 4 PV (M)2,236.262,328.942,424.48
Year 5 PV (M)2,451.832,579.512,712.44
PV of Terminal Value (M)259,553.73273,069.29287,142.11
Equity Value (M)269,502.29283,351.58297,767.87
Shares Outstanding (M)484.97484.97484.97
Fair Value$555.71$584.26$613.99
Upside / Downside507.33%538.54%571.03%

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