Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sinphar Pharmaceutical Co.,Ltd. (1734.TW)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$34.23 - $78.22$49.88
Multi-Stage$33.71 - $36.87$35.26
Blended Fair Value$42.57
Current Price$31.05
Upside37.11%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS58.49%3.45%0.920.920.180.180.180.090.180.090.180.71
YoY Growth--0.00%400.01%0.00%0.00%100.01%-50.00%100.00%-48.00%-75.00%8.00%
Dividend Yield--3.12%2.86%0.68%0.74%0.67%0.63%1.03%0.45%0.83%2.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)309.84
(-) Cash Dividends Paid (M)167.72
(=) Cash Retained (M)142.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)61.9738.7323.24
Cash Retained (M)142.12142.12142.12
(-) Cash Required (M)-61.97-38.73-23.24
(=) Excess Retained (M)80.15103.39118.88
(/) Shares Outstanding (M)181.68181.68181.68
(=) Excess Retained per Share0.440.570.65
LTM Dividend per Share0.920.920.92
(+) Excess Retained per Share0.440.570.65
(=) Adjusted Dividend1.361.491.58
WACC / Discount Rate7.77%7.77%7.77%
Growth Rate3.64%4.64%5.64%
Fair Value$34.23$49.88$78.22
Upside / Downside10.25%60.64%151.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)309.84324.22339.27355.01371.49388.73400.39
Payout Ratio54.13%61.31%68.48%75.65%82.83%90.00%92.50%
Projected Dividends (M)167.72198.76232.33268.58307.69349.86370.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.77%7.77%7.77%
Growth Rate3.64%4.64%5.64%
Year 1 PV (M)182.67184.43186.19
Year 2 PV (M)196.22200.03203.87
Year 3 PV (M)208.47214.56220.77
Year 4 PV (M)219.49228.09236.93
Year 5 PV (M)229.36240.64252.36
PV of Terminal Value (M)5,088.455,338.725,598.74
Equity Value (M)6,124.666,406.476,698.86
Shares Outstanding (M)181.68181.68181.68
Fair Value$33.71$35.26$36.87
Upside / Downside8.57%13.57%18.75%

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