Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Parpro Corporation (4916.TW)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$4.44 - $5.72$5.12
Multi-Stage$10.24 - $11.40$10.80
Blended Fair Value$7.96
Current Price$58.20
Upside-86.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.82%-11.65%0.340.300.350.351.421.730.690.600.290.88
YoY Growth--12.76%-15.12%0.00%-75.00%-18.13%150.82%14.84%109.74%-67.36%-25.00%
Dividend Yield--0.86%0.95%1.07%1.21%5.96%7.22%1.88%1.79%0.84%2.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)191.07
(-) Cash Dividends Paid (M)42.01
(=) Cash Retained (M)149.05
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.2123.8814.33
Cash Retained (M)149.05149.05149.05
(-) Cash Required (M)-38.21-23.88-14.33
(=) Excess Retained (M)110.84125.17134.72
(/) Shares Outstanding (M)115.99115.99115.99
(=) Excess Retained per Share0.961.081.16
LTM Dividend per Share0.360.360.36
(+) Excess Retained per Share0.961.081.16
(=) Adjusted Dividend1.321.441.52
WACC / Discount Rate8.36%8.36%8.36%
Growth Rate-16.44%-15.44%-14.44%
Fair Value$4.44$5.12$5.72
Upside / Downside-92.37%-91.20%-90.18%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)191.07161.56136.61115.5297.6882.6085.07
Payout Ratio21.99%35.59%49.19%62.80%76.40%90.00%92.50%
Projected Dividends (M)42.0157.5067.2072.5474.6374.3478.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.36%8.36%8.36%
Growth Rate-16.44%-15.44%-14.44%
Year 1 PV (M)52.4453.0653.69
Year 2 PV (M)55.8957.2358.59
Year 3 PV (M)55.0157.0159.05
Year 4 PV (M)51.6154.1256.73
Year 5 PV (M)46.8849.7552.76
PV of Terminal Value (M)925.31982.021,041.47
Equity Value (M)1,187.121,253.191,322.30
Shares Outstanding (M)115.99115.99115.99
Fair Value$10.24$10.80$11.40
Upside / Downside-82.41%-81.44%-80.41%

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