Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Whetron Electronics Co.,Ltd. (6722.TWO)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1,358.73 - $1,600.81$1,500.20
Multi-Stage$1,044.17 - $1,146.03$1,094.15
Blended Fair Value$1,297.17
Current Price$54.10
Upside2,297.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS53.87%0.00%1.990.000.000.000.000.230.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.84%0.00%0.00%0.00%0.00%0.43%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)631.29
(-) Cash Dividends Paid (M)156.00
(=) Cash Retained (M)475.29
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)126.2678.9147.35
Cash Retained (M)475.29475.29475.29
(-) Cash Required (M)-126.26-78.91-47.35
(=) Excess Retained (M)349.03396.38427.94
(/) Shares Outstanding (M)78.4378.4378.43
(=) Excess Retained per Share4.455.055.46
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share4.455.055.46
(=) Adjusted Dividend6.447.047.45
WACC / Discount Rate-0.21%-0.21%-0.21%
Growth Rate5.50%6.50%7.50%
Fair Value$1,358.73$1,500.20$1,600.81
Upside / Downside2,411.51%2,673.01%2,858.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)631.29672.32716.02762.56812.13864.92890.86
Payout Ratio24.71%37.77%50.83%63.88%76.94%90.00%92.50%
Projected Dividends (M)156.00253.93363.93487.16624.87778.42824.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.21%-0.21%-0.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)252.08254.47256.86
Year 2 PV (M)358.65365.48372.37
Year 3 PV (M)476.59490.27504.21
Year 4 PV (M)606.86630.19654.20
Year 5 PV (M)750.48786.72824.36
PV of Terminal Value (M)79,446.1783,283.4587,267.59
Equity Value (M)81,890.8185,810.5889,879.59
Shares Outstanding (M)78.4378.4378.43
Fair Value$1,044.17$1,094.15$1,146.03
Upside / Downside1,830.07%1,922.45%2,018.35%

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