Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Chunghwa Precision Test Tech. Co., Ltd. (6510.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$264.37 - $397.01$327.16
Multi-Stage$513.54 - $565.29$538.91
Blended Fair Value$433.03
Current Price$1,925.00
Upside-77.50%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-45.07%0.00%0.5011.7213.5611.979.979.970.000.000.000.00
YoY Growth---95.74%-13.60%13.33%20.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.08%2.29%2.38%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,034.43
(-) Cash Dividends Paid (M)255.75
(=) Cash Retained (M)778.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)206.89129.3077.58
Cash Retained (M)778.67778.67778.67
(-) Cash Required (M)-206.89-129.30-77.58
(=) Excess Retained (M)571.79649.37701.09
(/) Shares Outstanding (M)32.8832.8832.88
(=) Excess Retained per Share17.3919.7521.32
LTM Dividend per Share7.787.787.78
(+) Excess Retained per Share17.3919.7521.32
(=) Adjusted Dividend25.1727.5329.10
WACC / Discount Rate7.33%7.33%7.33%
Growth Rate-2.00%-1.00%0.00%
Fair Value$264.37$327.16$397.01
Upside / Downside-86.27%-83.00%-79.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,034.431,024.081,013.841,003.70993.66983.731,013.24
Payout Ratio24.72%37.78%50.83%63.89%76.94%90.00%92.50%
Projected Dividends (M)255.75386.89515.38641.26764.57885.36937.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.33%7.33%7.33%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)356.83360.47364.11
Year 2 PV (M)438.39447.38456.47
Year 3 PV (M)503.08518.63534.51
Year 4 PV (M)553.20576.13599.76
Year 5 PV (M)590.81621.57653.61
PV of Terminal Value (M)14,441.2415,193.2315,976.23
Equity Value (M)16,883.5517,717.4218,584.68
Shares Outstanding (M)32.8832.8832.88
Fair Value$513.54$538.91$565.29
Upside / Downside-73.32%-72.00%-70.63%

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