Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ichia Technologies, Inc. (2402.TW)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$81.41 - $396.76$144.78
Multi-Stage$51.77 - $56.47$54.08
Blended Fair Value$99.43
Current Price$52.00
Upside91.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.55%6.10%1.180.980.490.490.500.500.000.000.002.24
YoY Growth--21.02%100.00%0.00%-3.25%0.00%0.00%0.00%0.00%-100.00%243.32%
Dividend Yield--3.28%2.72%1.83%3.07%2.68%4.61%0.00%0.00%0.00%13.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)775.44
(-) Cash Dividends Paid (M)607.15
(=) Cash Retained (M)168.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)155.0996.9358.16
Cash Retained (M)168.30168.30168.30
(-) Cash Required (M)-155.09-96.93-58.16
(=) Excess Retained (M)13.2171.37110.14
(/) Shares Outstanding (M)304.78304.78304.78
(=) Excess Retained per Share0.040.230.36
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share0.040.230.36
(=) Adjusted Dividend2.042.232.35
WACC / Discount Rate8.14%8.14%8.14%
Growth Rate5.50%6.50%7.50%
Fair Value$81.41$144.78$396.76
Upside / Downside56.56%178.42%662.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)775.44825.85879.53936.69997.581,062.421,094.30
Payout Ratio78.30%80.64%82.98%85.32%87.66%90.00%92.50%
Projected Dividends (M)607.15665.94729.81799.18874.47956.181,012.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.14%8.14%8.14%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)610.04615.83621.61
Year 2 PV (M)612.44624.10635.88
Year 3 PV (M)614.36631.99649.96
Year 4 PV (M)615.81639.50663.86
Year 5 PV (M)616.84646.63677.56
PV of Terminal Value (M)12,709.8213,323.7013,961.09
Equity Value (M)15,779.3016,481.7517,209.96
Shares Outstanding (M)304.78304.78304.78
Fair Value$51.77$54.08$56.47
Upside / Downside-0.44%4.00%8.59%

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