Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nien Made Enterprise Co., Ltd. (8464.TW)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$3,776.28 - $4,449.10$4,169.46
Multi-Stage$1,408.00 - $1,543.21$1,474.35
Blended Fair Value$2,821.91
Current Price$424.50
Upside564.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.71%95.65%11.9710.9710.979.979.979.979.9710.038.100.03
YoY Growth--9.09%0.00%10.00%0.00%0.00%0.00%-0.52%23.80%25,686.94%115.68%
Dividend Yield--3.04%3.13%3.36%2.96%2.51%5.53%3.66%3.57%2.86%0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,571.83
(-) Cash Dividends Paid (M)4,248.79
(=) Cash Retained (M)2,323.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,314.37821.48492.89
Cash Retained (M)2,323.042,323.042,323.04
(-) Cash Required (M)-1,314.37-821.48-492.89
(=) Excess Retained (M)1,008.671,501.561,830.15
(/) Shares Outstanding (M)293.76293.76293.76
(=) Excess Retained per Share3.435.116.23
LTM Dividend per Share14.4614.4614.46
(+) Excess Retained per Share3.435.116.23
(=) Adjusted Dividend17.9019.5720.69
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate5.50%6.50%7.50%
Fair Value$3,776.28$4,169.46$4,449.10
Upside / Downside789.58%882.21%948.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,571.836,999.007,453.937,938.448,454.449,003.989,274.09
Payout Ratio64.65%69.72%74.79%79.86%84.93%90.00%92.50%
Projected Dividends (M)4,248.794,879.795,574.876,339.697,180.388,103.588,578.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.68%4.68%4.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,617.714,661.484,705.25
Year 2 PV (M)4,992.135,087.225,183.20
Year 3 PV (M)5,372.125,526.335,683.47
Year 4 PV (M)5,757.725,979.156,206.90
Year 5 PV (M)6,149.026,446.026,754.39
PV of Terminal Value (M)386,727.19405,406.26424,800.21
Equity Value (M)413,615.90433,106.46453,333.43
Shares Outstanding (M)293.76293.76293.76
Fair Value$1,408.00$1,474.35$1,543.21
Upside / Downside231.68%247.31%263.53%

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