Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wan Hai Lines Ltd. (2615.TW)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$285.27 - $756.68$436.20
Multi-Stage$196.27 - $214.39$205.16
Blended Fair Value$320.68
Current Price$74.30
Upside331.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS25.66%9.02%1.504.989.100.790.630.480.390.320.951.58
YoY Growth---70.00%-45.24%1,055.00%25.00%32.09%21.13%25.00%-66.67%-40.00%150.00%
Dividend Yield--1.91%11.19%13.29%0.57%1.45%4.39%3.11%2.23%6.80%10.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34,233.69
(-) Cash Dividends Paid (M)9,821.51
(=) Cash Retained (M)24,412.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,846.744,279.212,567.53
Cash Retained (M)24,412.1824,412.1824,412.18
(-) Cash Required (M)-6,846.74-4,279.21-2,567.53
(=) Excess Retained (M)17,565.4420,132.9721,844.65
(/) Shares Outstanding (M)2,814.782,814.782,814.78
(=) Excess Retained per Share6.247.157.76
LTM Dividend per Share3.493.493.49
(+) Excess Retained per Share6.247.157.76
(=) Adjusted Dividend9.7310.6411.25
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$285.27$436.20$756.68
Upside / Downside283.95%487.08%918.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34,233.6936,458.8838,828.7141,352.5844,040.5046,903.1348,310.22
Payout Ratio28.69%40.95%53.21%65.48%77.74%90.00%92.50%
Projected Dividends (M)9,821.5114,930.5320,662.2227,075.9534,236.1742,212.8144,686.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13,556.8913,685.4013,813.90
Year 2 PV (M)17,035.1917,359.6717,687.20
Year 3 PV (M)20,269.3120,851.1621,444.05
Year 4 PV (M)23,271.5524,166.5125,087.04
Year 5 PV (M)26,053.7127,312.1228,618.68
PV of Terminal Value (M)452,273.09474,118.05496,799.07
Equity Value (M)552,459.75577,492.91603,449.94
Shares Outstanding (M)2,814.782,814.782,814.78
Fair Value$196.27$205.16$214.39
Upside / Downside164.16%176.13%188.54%

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