Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shining Victory Motor Electronic Co., Ltd. (2248.TWO)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,067.08 - $1,732.79$1,622.83
Multi-Stage$884.84 - $977.39$930.20
Blended Fair Value$1,276.51
Current Price$47.85
Upside2,567.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.57%0.00%0.910.790.690.000.570.890.830.001.500.00
YoY Growth--14.96%14.64%0.00%-100.00%-35.48%7.45%0.00%-100.00%0.00%0.00%
Dividend Yield--1.38%2.23%2.41%0.00%2.56%2.36%1.70%0.00%2.77%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)400.62
(-) Cash Dividends Paid (M)73.47
(=) Cash Retained (M)327.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)80.1250.0830.05
Cash Retained (M)327.15327.15327.15
(-) Cash Required (M)-80.12-50.08-30.05
(=) Excess Retained (M)247.03277.07297.10
(/) Shares Outstanding (M)43.0243.0243.02
(=) Excess Retained per Share5.746.446.91
LTM Dividend per Share1.711.711.71
(+) Excess Retained per Share5.746.446.91
(=) Adjusted Dividend7.458.158.61
WACC / Discount Rate-0.74%-0.74%-0.74%
Growth Rate-1.43%-0.43%0.57%
Fair Value$1,067.08$1,622.83$1,732.79
Upside / Downside2,130.04%3,291.49%3,521.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)400.62398.91397.21395.52393.83392.15403.91
Payout Ratio18.34%32.67%47.00%61.34%75.67%90.00%92.50%
Projected Dividends (M)73.47130.33186.71242.59298.00352.93373.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.74%-0.74%-0.74%
Growth Rate-1.43%-0.43%0.57%
Year 1 PV (M)129.98131.30132.62
Year 2 PV (M)185.71189.49193.32
Year 3 PV (M)240.65248.05255.60
Year 4 PV (M)294.82306.97319.49
Year 5 PV (M)348.23366.26385.02
PV of Terminal Value (M)36,864.4038,772.6240,759.07
Equity Value (M)38,063.8040,014.7042,045.12
Shares Outstanding (M)43.0243.0243.02
Fair Value$884.84$930.20$977.39
Upside / Downside1,749.20%1,843.98%1,942.62%

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