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Evergreen Marine Corporation (Taiwan) Ltd. (2603.TW)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$3,570.82 - $8,336.39$7,812.42
Multi-Stage$1,265.00 - $1,382.73$1,322.79
Blended Fair Value$4,567.61
Current Price$179.00
Upside2,451.74%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%9.9068.4243.996.080.000.000.370.000.000.16
YoY Growth---85.53%55.56%623.91%0.00%0.00%-100.00%0.00%0.00%-100.00%0.00%
Dividend Yield--4.49%40.85%27.75%1.80%0.00%0.00%1.26%0.00%0.00%0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)90,761.29
(-) Cash Dividends Paid (M)70,363.90
(=) Cash Retained (M)20,397.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18,152.2611,345.166,807.10
Cash Retained (M)20,397.3920,397.3920,397.39
(-) Cash Required (M)-18,152.26-11,345.16-6,807.10
(=) Excess Retained (M)2,245.139,052.2313,590.29
(/) Shares Outstanding (M)2,165.222,165.222,165.22
(=) Excess Retained per Share1.044.186.28
LTM Dividend per Share32.5032.5032.50
(+) Excess Retained per Share1.044.186.28
(=) Adjusted Dividend33.5336.6838.77
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Fair Value$3,570.82$7,812.42$8,336.39
Upside / Downside1,894.87%4,264.48%4,557.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)90,761.2996,660.77102,943.72109,635.06116,761.34124,350.83128,081.35
Payout Ratio77.53%80.02%82.52%85.01%87.51%90.00%92.50%
Projected Dividends (M)70,363.9077,348.9884,944.8393,201.35102,172.32111,915.75118,475.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)71,952.4372,634.4473,316.46
Year 2 PV (M)73,505.3274,905.3976,318.66
Year 3 PV (M)75,023.0877,176.7279,371.19
Year 4 PV (M)76,506.2379,448.4582,474.72
Year 5 PV (M)77,955.3081,720.5785,629.94
PV of Terminal Value (M)2,364,073.552,478,259.192,596,814.98
Equity Value (M)2,739,015.912,864,144.762,993,925.95
Shares Outstanding (M)2,165.222,165.222,165.22
Fair Value$1,265.00$1,322.79$1,382.73
Upside / Downside606.71%638.99%672.48%

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