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Gordon Auto Body Parts Co., Ltd. (1524.TW)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$55.06 - $137.30$82.58
Multi-Stage$67.65 - $74.06$70.80
Blended Fair Value$76.69
Current Price$27.85
Upside175.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.06%0.00%1.291.000.300.210.430.540.490.540.000.00
YoY Growth--30.00%233.33%42.86%-51.70%-20.00%11.11%-10.00%0.00%0.00%0.00%
Dividend Yield--3.21%2.69%1.15%1.95%3.69%5.75%4.21%4.74%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)421.76
(-) Cash Dividends Paid (M)380.21
(=) Cash Retained (M)41.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)84.3552.7231.63
Cash Retained (M)41.5441.5441.54
(-) Cash Required (M)-84.35-52.72-31.63
(=) Excess Retained (M)-42.81-11.189.91
(/) Shares Outstanding (M)165.96165.96165.96
(=) Excess Retained per Share-0.26-0.070.06
LTM Dividend per Share2.292.292.29
(+) Excess Retained per Share-0.26-0.070.06
(=) Adjusted Dividend2.032.222.35
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate2.73%3.73%4.73%
Fair Value$55.06$82.58$137.30
Upside / Downside97.71%196.53%393.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)421.76437.48453.79470.70488.24506.44521.64
Payout Ratio90.15%90.12%90.09%90.06%90.03%90.00%92.50%
Projected Dividends (M)380.21394.26408.81423.91439.57455.80482.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.52%6.52%6.52%
Growth Rate2.73%3.73%4.73%
Year 1 PV (M)366.55370.12373.69
Year 2 PV (M)353.38360.30367.28
Year 3 PV (M)340.69350.73360.98
Year 4 PV (M)328.45341.42354.78
Year 5 PV (M)316.65332.36348.69
PV of Terminal Value (M)9,521.729,994.2810,485.41
Equity Value (M)11,227.4311,749.2112,290.83
Shares Outstanding (M)165.96165.96165.96
Fair Value$67.65$70.80$74.06
Upside / Downside142.92%154.21%165.93%

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