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President Chain Store Corporation (2912.TW)

Company Dividend Discount ModelIndustry: Grocery StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$338.06 - $1,654.06$601.70
Multi-Stage$314.79 - $344.55$329.40
Blended Fair Value$465.55
Current Price$256.50
Upside81.50%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.69%6.82%11.598.998.998.998.998.7924.977.997.196.99
YoY Growth--28.96%0.00%0.00%0.00%2.27%-64.80%212.50%11.11%2.86%16.67%
Dividend Yield--4.62%3.34%3.34%3.42%3.30%3.11%8.38%2.70%2.88%2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11,176.74
(-) Cash Dividends Paid (M)9,357.04
(=) Cash Retained (M)1,819.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,235.351,397.09838.26
Cash Retained (M)1,819.701,819.701,819.70
(-) Cash Required (M)-2,235.35-1,397.09-838.26
(=) Excess Retained (M)-415.64422.61981.45
(/) Shares Outstanding (M)1,040.981,040.981,040.98
(=) Excess Retained per Share-0.400.410.94
LTM Dividend per Share8.998.998.99
(+) Excess Retained per Share-0.400.410.94
(=) Adjusted Dividend8.599.399.93
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate3.69%4.69%5.69%
Fair Value$338.06$601.70$1,654.06
Upside / Downside31.80%134.58%544.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,176.7411,701.1712,250.2012,825.0013,426.7614,056.7714,478.47
Payout Ratio83.72%84.98%86.23%87.49%88.74%90.00%92.50%
Projected Dividends (M)9,357.049,943.0810,563.5111,220.2811,915.4212,651.0913,392.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate3.69%4.69%5.69%
Year 1 PV (M)9,262.119,351.449,440.76
Year 2 PV (M)9,166.159,343.809,523.15
Year 3 PV (M)9,069.259,334.189,604.22
Year 4 PV (M)8,971.539,322.659,683.98
Year 5 PV (M)8,873.089,309.279,762.44
PV of Terminal Value (M)282,353.08296,233.20310,653.89
Equity Value (M)327,695.19342,894.53358,668.44
Shares Outstanding (M)1,040.981,040.981,040.98
Fair Value$314.79$329.40$344.55
Upside / Downside22.73%28.42%34.33%

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