Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Universal Vision Biotechnology Co., Ltd. (3218.TWO)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$547.05 - $2,077.04$1,592.05
Multi-Stage$265.54 - $290.08$277.59
Blended Fair Value$934.82
Current Price$202.00
Upside362.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS44.19%0.00%6.985.644.483.761.791.120.000.000.000.00
YoY Growth--23.67%26.00%19.05%110.00%60.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.52%2.04%1.20%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)887.85
(-) Cash Dividends Paid (M)635.44
(=) Cash Retained (M)252.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)177.57110.9866.59
Cash Retained (M)252.42252.42252.42
(-) Cash Required (M)-177.57-110.98-66.59
(=) Excess Retained (M)74.85141.43185.83
(/) Shares Outstanding (M)85.0185.0185.01
(=) Excess Retained per Share0.881.662.19
LTM Dividend per Share7.477.477.47
(+) Excess Retained per Share0.881.662.19
(=) Adjusted Dividend8.369.149.66
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Fair Value$547.05$1,592.05$2,077.04
Upside / Downside170.82%688.15%928.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)887.85945.561,007.031,072.481,142.191,216.441,252.93
Payout Ratio71.57%75.26%78.94%82.63%86.31%90.00%92.50%
Projected Dividends (M)635.44711.59794.97886.17985.871,094.791,158.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)658.11664.35670.59
Year 2 PV (M)679.96692.91705.99
Year 3 PV (M)701.00721.13741.63
Year 4 PV (M)721.26749.00777.53
Year 5 PV (M)740.75776.52813.67
PV of Terminal Value (M)19,073.2619,994.5120,951.01
Equity Value (M)22,574.3423,598.4224,660.41
Shares Outstanding (M)85.0185.0185.01
Fair Value$265.54$277.59$290.08
Upside / Downside31.46%37.42%43.61%

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