Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

San Neng Group Holdings Co., Ltd. (6671.TW)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$19.76 - $28.85$24.15
Multi-Stage$36.89 - $40.38$38.60
Blended Fair Value$31.37
Current Price$36.85
Upside-14.86%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.87%0.00%2.481.982.972.972.973.023.483.754.734.10
YoY Growth--25.00%-33.33%0.00%0.00%-1.48%-13.26%-7.17%-20.79%15.42%0.00%
Dividend Yield--5.87%4.57%7.47%6.12%6.40%8.77%7.10%7.28%9.19%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)160.77
(-) Cash Dividends Paid (M)152.14
(=) Cash Retained (M)8.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)32.1520.1012.06
Cash Retained (M)8.648.648.64
(-) Cash Required (M)-32.15-20.10-12.06
(=) Excess Retained (M)-23.52-11.46-3.42
(/) Shares Outstanding (M)61.2861.2861.28
(=) Excess Retained per Share-0.38-0.19-0.06
LTM Dividend per Share2.482.482.48
(+) Excess Retained per Share-0.38-0.19-0.06
(=) Adjusted Dividend2.102.302.43
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate-2.00%-1.00%0.00%
Fair Value$19.76$24.15$28.85
Upside / Downside-46.39%-34.47%-21.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)160.77159.16157.57156.00154.44152.89157.48
Payout Ratio94.63%93.70%92.78%91.85%90.93%90.00%92.50%
Projected Dividends (M)152.14149.14146.19143.29140.42137.60145.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.41%8.41%8.41%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)136.18137.57138.96
Year 2 PV (M)121.89124.39126.91
Year 3 PV (M)109.08112.45115.90
Year 4 PV (M)97.61101.66105.83
Year 5 PV (M)87.3491.8996.62
PV of Terminal Value (M)1,708.651,797.621,890.26
Equity Value (M)2,260.752,365.582,474.48
Shares Outstanding (M)61.2861.2861.28
Fair Value$36.89$38.60$40.38
Upside / Downside0.11%4.75%9.58%

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