Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Systex Corporation (6214.TW)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$267.98 - $1,342.31$558.83
Multi-Stage$180.22 - $197.02$188.47
Blended Fair Value$373.65
Current Price$121.00
Upside208.80%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.70%5.90%5.205.004.154.954.953.762.473.462.471.47
YoY Growth--3.98%20.33%-16.00%0.00%31.58%52.00%-28.57%40.00%67.91%-49.74%
Dividend Yield--4.11%4.22%5.27%6.11%5.65%5.11%3.64%5.40%3.84%2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,852.08
(-) Cash Dividends Paid (M)1,415.65
(=) Cash Retained (M)436.43
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)370.42231.51138.91
Cash Retained (M)436.43436.43436.43
(-) Cash Required (M)-370.42-231.51-138.91
(=) Excess Retained (M)66.01204.92297.52
(/) Shares Outstanding (M)272.36272.36272.36
(=) Excess Retained per Share0.240.751.09
LTM Dividend per Share5.205.205.20
(+) Excess Retained per Share0.240.751.09
(=) Adjusted Dividend5.445.956.29
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate4.70%5.70%6.70%
Fair Value$267.98$558.83$1,342.31
Upside / Downside121.47%361.84%1,009.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,852.081,957.652,069.242,187.182,311.852,443.632,516.94
Payout Ratio76.44%79.15%81.86%84.57%87.29%90.00%92.50%
Projected Dividends (M)1,415.651,549.451,693.911,849.792,017.952,199.262,328.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.83%6.83%6.83%
Growth Rate4.70%5.70%6.70%
Year 1 PV (M)1,436.731,450.451,464.18
Year 2 PV (M)1,456.411,484.361,512.58
Year 3 PV (M)1,474.741,517.401,560.87
Year 4 PV (M)1,491.761,549.571,609.05
Year 5 PV (M)1,507.521,580.901,657.11
PV of Terminal Value (M)41,717.5043,748.1645,857.14
Equity Value (M)49,084.6651,330.8553,660.93
Shares Outstanding (M)272.36272.36272.36
Fair Value$180.22$188.47$197.02
Upside / Downside48.94%55.76%62.83%

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