Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tripod Technology Corporation (3044.TW)

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

Valuation Snapshot

Stable Growth$214.34 - $357.53$277.40
Multi-Stage$233.41 - $255.04$244.03
Blended Fair Value$260.72
Current Price$247.50
Upside5.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.92%12.79%7.487.436.987.337.235.885.244.243.242.74
YoY Growth--0.67%6.43%-4.76%1.38%22.88%12.38%23.53%30.77%18.18%22.22%
Dividend Yield--3.82%3.62%6.23%5.47%5.15%6.19%5.26%4.44%3.79%4.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9,353.77
(-) Cash Dividends Paid (M)3,942.04
(=) Cash Retained (M)5,411.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,870.751,169.22701.53
Cash Retained (M)5,411.735,411.735,411.73
(-) Cash Required (M)-1,870.75-1,169.22-701.53
(=) Excess Retained (M)3,540.974,242.514,710.20
(/) Shares Outstanding (M)526.98526.98526.98
(=) Excess Retained per Share6.728.058.94
LTM Dividend per Share7.487.487.48
(+) Excess Retained per Share6.728.058.94
(=) Adjusted Dividend14.2015.5316.42
WACC / Discount Rate9.73%9.73%9.73%
Growth Rate2.92%3.92%4.92%
Fair Value$214.34$277.40$357.53
Upside / Downside-13.40%12.08%44.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,353.779,720.0710,100.7110,496.2610,907.2911,334.4211,674.46
Payout Ratio42.14%51.72%61.29%70.86%80.43%90.00%92.50%
Projected Dividends (M)3,942.045,026.746,190.357,437.398,772.6010,200.9810,798.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.73%9.73%9.73%
Growth Rate2.92%3.92%4.92%
Year 1 PV (M)4,536.764,580.854,624.93
Year 2 PV (M)5,042.375,140.835,240.25
Year 3 PV (M)5,467.635,628.565,792.62
Year 4 PV (M)5,820.586,050.126,286.39
Year 5 PV (M)6,108.566,411.166,725.63
PV of Terminal Value (M)96,029.52100,786.50105,730.15
Equity Value (M)123,005.41128,598.02134,399.98
Shares Outstanding (M)526.98526.98526.98
Fair Value$233.41$244.03$255.04
Upside / Downside-5.69%-1.40%3.05%

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