Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Lumax International Corp., Ltd. (6192.TW)

Company Dividend Discount ModelIndustry: Technology DistributorsSector: Technology

Valuation Snapshot

Stable Growth$128.13 - $216.01$166.55
Multi-Stage$147.99 - $161.72$154.73
Blended Fair Value$160.64
Current Price$98.00
Upside63.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.40%3.05%4.963.974.413.753.643.643.642.453.673.67
YoY Growth--25.00%-10.00%17.65%3.03%0.00%0.00%48.50%-33.33%0.00%0.00%
Dividend Yield--4.68%4.01%5.81%4.51%4.36%5.93%4.57%3.83%5.47%6.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,006.42
(-) Cash Dividends Paid (M)528.86
(=) Cash Retained (M)477.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)201.28125.8075.48
Cash Retained (M)477.56477.56477.56
(-) Cash Required (M)-201.28-125.80-75.48
(=) Excess Retained (M)276.28351.76402.08
(/) Shares Outstanding (M)96.9496.9496.94
(=) Excess Retained per Share2.853.634.15
LTM Dividend per Share5.465.465.46
(+) Excess Retained per Share2.853.634.15
(=) Adjusted Dividend8.319.089.60
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate2.58%3.58%4.58%
Fair Value$128.13$166.55$216.01
Upside / Downside30.74%69.95%120.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,006.421,042.431,079.741,118.381,158.401,199.861,235.85
Payout Ratio52.55%60.04%67.53%75.02%82.51%90.00%92.50%
Projected Dividends (M)528.86625.86729.14839.00955.791,079.871,143.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate2.58%3.58%4.58%
Year 1 PV (M)567.46572.99578.52
Year 2 PV (M)599.40611.14623.00
Year 3 PV (M)625.35643.82662.64
Year 4 PV (M)645.92671.47697.78
Year 5 PV (M)661.66694.55728.73
PV of Terminal Value (M)11,246.8311,805.8312,386.84
Equity Value (M)14,346.6214,999.8015,677.52
Shares Outstanding (M)96.9496.9496.94
Fair Value$147.99$154.73$161.72
Upside / Downside51.01%57.89%65.02%

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