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$267.73 - $294.68$280.94
Blended Fair Value$351.41
Current Price$58.40
Upside501.73%
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-1.11%-1.11%-1.11%
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-1.11%-1.11%-1.11%
Growth Rate1.62%2.62%3.62%
Year 1 PV (M)181.82183.61185.40
Year 2 PV (M)188.97192.71196.48
Year 3 PV (M)196.38202.23208.20
Year 4 PV (M)204.05212.20220.59
Year 5 PV (M)211.99222.63233.69
PV of Terminal Value (M)22,441.9523,568.1024,739.01
Equity Value (M)23,425.1624,581.4825,783.38
Shares Outstanding (M)87.5087.5087.50
Fair Value$267.73$280.94$294.68
Upside / Downside358.44%381.07%404.59%

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