Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Industry

Sector

Tung Ho Steel Enterprise Corporation (2006.TW)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$314.87 - $1,193.11$919.66
Multi-Stage$182.40 - $199.60$190.84
Blended Fair Value$555.25
Current Price$63.50
Upside774.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.55%6.74%4.193.496.392.231.851.651.921.771.501.77
YoY Growth--20.00%-45.31%185.87%20.61%12.50%-14.29%8.32%18.18%-15.38%-18.75%
Dividend Yield--5.89%5.05%11.40%3.17%2.79%5.11%6.08%4.80%4.25%6.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,421.53
(-) Cash Dividends Paid (M)2,920.86
(=) Cash Retained (M)1,500.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)884.31552.69331.62
Cash Retained (M)1,500.681,500.681,500.68
(-) Cash Required (M)-884.31-552.69-331.62
(=) Excess Retained (M)616.37947.991,169.06
(/) Shares Outstanding (M)731.82731.82731.82
(=) Excess Retained per Share0.841.301.60
LTM Dividend per Share3.993.993.99
(+) Excess Retained per Share0.841.301.60
(=) Adjusted Dividend4.835.295.59
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate4.74%5.74%6.74%
Fair Value$314.87$919.66$1,193.11
Upside / Downside395.86%1,348.29%1,778.91%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,421.534,675.434,943.905,227.795,527.985,845.406,020.76
Payout Ratio66.06%70.85%75.64%80.42%85.21%90.00%92.50%
Projected Dividends (M)2,920.863,312.443,739.364,204.394,710.505,260.865,569.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.35%6.35%6.35%
Growth Rate4.74%5.74%6.74%
Year 1 PV (M)3,085.203,114.663,144.11
Year 2 PV (M)3,243.913,306.153,368.97
Year 3 PV (M)3,397.113,495.343,595.45
Year 4 PV (M)3,544.943,682.273,823.55
Year 5 PV (M)3,687.533,866.954,053.29
PV of Terminal Value (M)116,525.70122,195.43128,083.74
Equity Value (M)133,484.39139,660.80146,069.12
Shares Outstanding (M)731.82731.82731.82
Fair Value$182.40$190.84$199.60
Upside / Downside187.25%200.54%214.33%

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