Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

GeoVision Inc. (3356.TW)

Company Dividend Discount ModelIndustry: Security & Protection ServicesSector: Industrials

Valuation Snapshot

Stable Growth$27.76 - $38.00$32.95
Multi-Stage$50.38 - $55.25$52.77
Blended Fair Value$42.86
Current Price$53.20
Upside-19.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-5.49%3.241.561.341.120.000.000.000.953.824.69
YoY Growth--107.14%16.67%20.00%0.00%0.00%0.00%-100.00%-75.13%-18.52%-17.50%
Dividend Yield--6.12%2.50%2.79%3.44%0.00%0.00%0.00%2.87%9.50%7.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)426.97
(-) Cash Dividends Paid (M)260.48
(=) Cash Retained (M)166.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)85.3953.3732.02
Cash Retained (M)166.49166.49166.49
(-) Cash Required (M)-85.39-53.37-32.02
(=) Excess Retained (M)81.09113.12134.47
(/) Shares Outstanding (M)80.5180.5180.51
(=) Excess Retained per Share1.011.411.67
LTM Dividend per Share3.243.243.24
(+) Excess Retained per Share1.011.411.67
(=) Adjusted Dividend4.244.644.91
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate-4.81%-3.81%-2.81%
Fair Value$27.76$32.95$38.00
Upside / Downside-47.81%-38.06%-28.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)426.97410.72395.08380.04365.57351.65362.20
Payout Ratio61.01%66.81%72.60%78.40%84.20%90.00%92.50%
Projected Dividends (M)260.48274.38286.84297.96307.81316.49335.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.74%9.74%9.74%
Growth Rate-4.81%-3.81%-2.81%
Year 1 PV (M)247.43250.03252.63
Year 2 PV (M)233.26238.19243.17
Year 3 PV (M)218.50225.46232.57
Year 4 PV (M)203.56212.25221.21
Year 5 PV (M)188.73198.86209.41
PV of Terminal Value (M)2,964.583,123.603,289.37
Equity Value (M)4,056.074,248.384,448.36
Shares Outstanding (M)80.5180.5180.51
Fair Value$50.38$52.77$55.25
Upside / Downside-5.30%-0.81%3.86%

High-Yield Dividend Screener

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