Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

YungShin Global Holding Corporation (3705.TW)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$66.06 - $144.66$94.86
Multi-Stage$138.91 - $152.62$145.63
Blended Fair Value$120.25
Current Price$58.60
Upside105.20%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.80%2.86%2.482.391.711.992.172.161.961.472.451.87
YoY Growth--3.53%40.16%-14.08%-8.59%0.73%10.00%33.33%-40.00%31.25%0.00%
Dividend Yield--4.39%4.90%3.89%4.71%4.92%4.87%4.73%3.54%5.45%3.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)963.10
(-) Cash Dividends Paid (M)869.98
(=) Cash Retained (M)93.12
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)192.62120.3972.23
Cash Retained (M)93.1293.1293.12
(-) Cash Required (M)-192.62-120.39-72.23
(=) Excess Retained (M)-99.50-27.2720.89
(/) Shares Outstanding (M)271.47271.47271.47
(=) Excess Retained per Share-0.37-0.100.08
LTM Dividend per Share3.203.203.20
(+) Excess Retained per Share-0.37-0.100.08
(=) Adjusted Dividend2.843.103.28
WACC / Discount Rate5.19%5.19%5.19%
Growth Rate0.86%1.86%2.86%
Fair Value$66.06$94.86$144.66
Upside / Downside12.73%61.88%146.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)963.10981.03999.291,017.901,036.841,056.141,087.83
Payout Ratio90.33%90.26%90.20%90.13%90.07%90.00%92.50%
Projected Dividends (M)869.98885.53901.35917.45933.85950.531,006.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.19%5.19%5.19%
Growth Rate0.86%1.86%2.86%
Year 1 PV (M)833.53841.80850.06
Year 2 PV (M)798.61814.52830.60
Year 3 PV (M)765.15788.13811.58
Year 4 PV (M)733.09762.60792.99
Year 5 PV (M)702.38737.89774.83
PV of Terminal Value (M)33,876.2935,589.2737,370.86
Equity Value (M)37,709.0539,534.2241,430.91
Shares Outstanding (M)271.47271.47271.47
Fair Value$138.91$145.63$152.62
Upside / Downside137.05%148.52%160.44%

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