Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

TA-I Technology Co., Ltd. (2478.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$33.92 - $57.41$44.16
Multi-Stage$59.37 - $65.18$62.22
Blended Fair Value$53.19
Current Price$41.15
Upside29.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.45%19.34%1.491.993.972.951.753.251.030.430.350.71
YoY Growth---25.00%-50.00%34.82%68.40%-46.19%215.83%138.53%23.92%-51.19%180.63%
Dividend Yield--3.18%4.16%8.54%4.93%2.19%6.31%1.36%0.94%1.24%2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)406.22
(-) Cash Dividends Paid (M)217.10
(=) Cash Retained (M)189.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)81.2450.7830.47
Cash Retained (M)189.12189.12189.12
(-) Cash Required (M)-81.24-50.78-30.47
(=) Excess Retained (M)107.88138.34158.65
(/) Shares Outstanding (M)145.65145.65145.65
(=) Excess Retained per Share0.740.951.09
LTM Dividend per Share1.491.491.49
(+) Excess Retained per Share0.740.951.09
(=) Adjusted Dividend2.232.442.58
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate0.21%1.21%2.21%
Fair Value$33.92$44.16$57.41
Upside / Downside-17.58%7.32%39.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)406.22411.15416.14421.19426.30431.48444.42
Payout Ratio53.44%60.76%68.07%75.38%82.69%90.00%92.50%
Projected Dividends (M)217.10249.79283.25317.48352.51388.33411.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate0.21%1.21%2.21%
Year 1 PV (M)231.56233.87236.18
Year 2 PV (M)243.41248.30253.23
Year 3 PV (M)252.92260.57268.37
Year 4 PV (M)260.33270.87281.74
Year 5 PV (M)265.86279.39293.46
PV of Terminal Value (M)7,392.757,769.038,160.48
Equity Value (M)8,646.839,062.039,493.46
Shares Outstanding (M)145.65145.65145.65
Fair Value$59.37$62.22$65.18
Upside / Downside44.27%51.20%58.40%

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