Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nien Made Enterprise Co., Ltd. (8464.TW)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,999.09 - $4,449.10$4,169.46
Multi-Stage$678.70 - $742.22$709.88
Blended Fair Value$2,439.67
Current Price$424.50
Upside474.72%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.71%95.65%11.9710.9710.979.979.979.979.9710.038.100.03
YoY Growth--9.09%0.00%10.00%0.00%0.00%0.00%-0.52%23.80%25,686.94%115.68%
Dividend Yield--3.04%3.13%3.36%2.96%2.51%5.53%3.66%3.57%2.86%0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,571.83
(-) Cash Dividends Paid (M)4,248.79
(=) Cash Retained (M)2,323.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,314.37821.48492.89
Cash Retained (M)2,323.042,323.042,323.04
(-) Cash Required (M)-1,314.37-821.48-492.89
(=) Excess Retained (M)1,008.671,501.561,830.15
(/) Shares Outstanding (M)293.76293.76293.76
(=) Excess Retained per Share3.435.116.23
LTM Dividend per Share14.4614.4614.46
(+) Excess Retained per Share3.435.116.23
(=) Adjusted Dividend17.9019.5720.69
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate5.50%6.50%7.50%
Fair Value$1,999.09$4,169.46$4,449.10
Upside / Downside370.93%882.21%948.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,571.836,999.007,453.937,938.448,454.449,003.989,274.09
Payout Ratio64.65%69.72%74.79%79.86%84.93%90.00%92.50%
Projected Dividends (M)4,248.794,879.795,574.876,339.697,180.388,103.588,578.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.44%6.44%6.44%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,541.314,584.354,627.40
Year 2 PV (M)4,828.304,920.265,013.09
Year 3 PV (M)5,109.835,256.525,405.98
Year 4 PV (M)5,385.995,593.125,806.17
Year 5 PV (M)5,656.855,930.086,213.77
PV of Terminal Value (M)173,854.10182,251.32190,969.92
Equity Value (M)199,376.39208,535.66218,036.34
Shares Outstanding (M)293.76293.76293.76
Fair Value$678.70$709.88$742.22
Upside / Downside59.88%67.23%74.85%

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