Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

TaiSol Electronics Co., Ltd. (3338.TW)

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

Valuation Snapshot

Stable Growth$381.96 - $450.33$421.88
Multi-Stage$272.06 - $299.45$285.49
Blended Fair Value$353.69
Current Price$58.40
Upside505.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.01%5.27%2.002.001.511.812.091.190.241.741.191.59
YoY Growth--0.00%32.65%-16.60%-13.66%76.45%395.34%-86.26%46.05%-25.15%33.33%
Dividend Yield--3.85%3.06%3.17%3.35%3.17%1.37%0.60%7.77%3.57%6.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)205.54
(-) Cash Dividends Paid (M)174.92
(=) Cash Retained (M)30.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.1125.6915.42
Cash Retained (M)30.6330.6330.63
(-) Cash Required (M)-41.11-25.69-15.42
(=) Excess Retained (M)-10.484.9415.21
(/) Shares Outstanding (M)87.5087.5087.50
(=) Excess Retained per Share-0.120.060.17
LTM Dividend per Share2.002.002.00
(+) Excess Retained per Share-0.120.060.17
(=) Adjusted Dividend1.882.062.17
WACC / Discount Rate-1.43%-1.43%-1.43%
Growth Rate1.62%2.62%3.62%
Fair Value$381.96$421.88$450.33
Upside / Downside554.04%622.40%671.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)205.54210.93216.46222.13227.95233.93240.94
Payout Ratio85.10%86.08%87.06%88.04%89.02%90.00%92.50%
Projected Dividends (M)174.92181.57188.45195.56202.92210.53222.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.43%-1.43%-1.43%
Growth Rate1.62%2.62%3.62%
Year 1 PV (M)182.41184.21186.00
Year 2 PV (M)190.21193.97197.77
Year 3 PV (M)198.31204.22210.25
Year 4 PV (M)206.73214.99223.49
Year 5 PV (M)215.48226.29237.54
PV of Terminal Value (M)22,810.9023,955.5625,145.72
Equity Value (M)23,804.0324,979.2426,200.76
Shares Outstanding (M)87.5087.5087.50
Fair Value$272.06$285.49$299.45
Upside / Downside365.85%388.85%412.76%

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