Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kedge Construction Co., Ltd. (2546.TW)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$1,393.54 - $1,641.83$1,538.63
Multi-Stage$1,047.21 - $1,149.14$1,097.22
Blended Fair Value$1,317.93
Current Price$77.36
Upside1,603.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.71%16.37%3.733.742.132.952.462.461.771.230.821.23
YoY Growth---0.24%75.58%-27.78%20.00%0.00%38.89%44.00%50.00%-33.33%50.00%
Dividend Yield--5.07%4.58%3.51%6.24%6.03%8.81%6.65%6.22%5.22%9.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,069.45
(-) Cash Dividends Paid (M)482.89
(=) Cash Retained (M)586.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)213.89133.6880.21
Cash Retained (M)586.56586.56586.56
(-) Cash Required (M)-213.89-133.68-80.21
(=) Excess Retained (M)372.67452.88506.35
(/) Shares Outstanding (M)129.54129.54129.54
(=) Excess Retained per Share2.883.503.91
LTM Dividend per Share3.733.733.73
(+) Excess Retained per Share2.883.503.91
(=) Adjusted Dividend6.607.227.64
WACC / Discount Rate0.31%0.31%0.31%
Growth Rate5.50%6.50%7.50%
Fair Value$1,393.54$1,538.63$1,641.83
Upside / Downside1,701.37%1,888.93%2,022.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,069.451,138.961,213.001,291.841,375.811,465.241,509.19
Payout Ratio45.15%54.12%63.09%72.06%81.03%90.00%92.50%
Projected Dividends (M)482.89616.43765.30930.911,114.831,318.711,396.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.31%0.31%0.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)608.74614.51620.28
Year 2 PV (M)746.32760.54774.89
Year 3 PV (M)896.51922.24948.47
Year 4 PV (M)1,060.231,101.001,142.94
Year 5 PV (M)1,238.491,298.311,360.42
PV of Terminal Value (M)131,107.65137,440.20144,015.11
Equity Value (M)135,657.95142,136.81148,862.11
Shares Outstanding (M)129.54129.54129.54
Fair Value$1,047.21$1,097.22$1,149.14
Upside / Downside1,253.68%1,318.33%1,385.44%

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