Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Taiwan Auto-Design Co. (6791.TWO)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$80.77 - $179.96$116.67
Multi-Stage$63.06 - $68.61$65.79
Blended Fair Value$91.23
Current Price$123.00
Upside-25.83%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS7.73%0.00%3.473.183.052.781.562.390.000.000.000.00
YoY Growth--9.07%4.32%9.80%78.47%-34.92%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.92%3.68%3.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)84.60
(-) Cash Dividends Paid (M)72.58
(=) Cash Retained (M)12.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.9210.576.34
Cash Retained (M)12.0212.0212.02
(-) Cash Required (M)-16.92-10.57-6.34
(=) Excess Retained (M)-4.901.445.67
(/) Shares Outstanding (M)20.8320.8320.83
(=) Excess Retained per Share-0.240.070.27
LTM Dividend per Share3.483.483.48
(+) Excess Retained per Share-0.240.070.27
(=) Adjusted Dividend3.253.553.76
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate5.50%6.50%7.50%
Fair Value$80.77$116.67$179.96
Upside / Downside-34.33%-5.15%46.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)84.6090.0995.95102.19108.83115.90119.38
Payout Ratio85.79%86.63%87.48%88.32%89.16%90.00%92.50%
Projected Dividends (M)72.5878.0583.9390.2597.03104.31110.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)70.4571.1271.79
Year 2 PV (M)68.3969.6971.00
Year 3 PV (M)66.3768.2870.22
Year 4 PV (M)64.4266.8969.44
Year 5 PV (M)62.5165.5368.66
PV of Terminal Value (M)981.131,028.521,077.73
Equity Value (M)1,313.271,370.041,428.85
Shares Outstanding (M)20.8320.8320.83
Fair Value$63.06$65.79$68.61
Upside / Downside-48.73%-46.52%-44.22%

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