Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Taiwan Taxi Co.,Ltd. (2640.TWO)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$1,523.25 - $1,794.65$1,681.85
Multi-Stage$1,591.29 - $1,746.04$1,667.22
Blended Fair Value$1,674.54
Current Price$129.00
Upside1,198.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS16.05%0.00%6.005.003.503.713.362.850.000.000.000.00
YoY Growth--20.01%42.86%-5.77%10.68%17.73%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.56%4.25%3.04%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)534.89
(-) Cash Dividends Paid (M)414.86
(=) Cash Retained (M)120.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)106.9866.8640.12
Cash Retained (M)120.04120.04120.04
(-) Cash Required (M)-106.98-66.86-40.12
(=) Excess Retained (M)13.0653.1879.92
(/) Shares Outstanding (M)59.2759.2759.27
(=) Excess Retained per Share0.220.901.35
LTM Dividend per Share7.007.007.00
(+) Excess Retained per Share0.220.901.35
(=) Adjusted Dividend7.227.908.35
WACC / Discount Rate-6.06%-6.06%-6.06%
Growth Rate5.50%6.50%7.50%
Fair Value$1,523.25$1,681.85$1,794.65
Upside / Downside1,080.82%1,203.76%1,291.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)534.89569.66606.69646.13688.12732.85754.84
Payout Ratio77.56%80.05%82.54%85.02%87.51%90.00%92.50%
Projected Dividends (M)414.86456.00500.73549.36602.19659.57698.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-6.06%-6.06%-6.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)480.84485.40489.96
Year 2 PV (M)556.79567.40578.10
Year 3 PV (M)644.15662.64681.48
Year 4 PV (M)744.57773.21802.66
Year 5 PV (M)859.96901.50944.62
PV of Terminal Value (M)91,036.4195,433.5099,998.88
Equity Value (M)94,322.7398,823.65103,495.71
Shares Outstanding (M)59.2759.2759.27
Fair Value$1,591.29$1,667.22$1,746.04
Upside / Downside1,133.56%1,192.42%1,253.52%

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