Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SinoPac Financial Holdings Company Limited (2890.TW)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$70.45 - $374.70$139.65
Multi-Stage$40.37 - $44.11$42.20
Blended Fair Value$90.93
Current Price$25.00
Upside263.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.30%12.94%0.720.560.700.610.610.560.430.280.340.37
YoY Growth--27.50%-19.26%14.29%0.00%10.06%29.74%50.44%-16.39%-7.24%72.22%
Dividend Yield--3.34%2.69%4.55%3.65%5.23%5.53%4.01%3.07%4.17%4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)24,321.71
(-) Cash Dividends Paid (M)11,544.12
(=) Cash Retained (M)12,777.58
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,864.343,040.211,824.13
Cash Retained (M)12,777.5812,777.5812,777.58
(-) Cash Required (M)-4,864.34-3,040.21-1,824.13
(=) Excess Retained (M)7,913.249,737.3710,953.45
(/) Shares Outstanding (M)12,908.9412,908.9412,908.94
(=) Excess Retained per Share0.610.750.85
LTM Dividend per Share0.890.890.89
(+) Excess Retained per Share0.610.750.85
(=) Adjusted Dividend1.511.651.74
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate5.50%6.50%7.50%
Fair Value$70.45$139.65$374.70
Upside / Downside181.79%458.59%1,398.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)24,321.7125,902.6227,586.2929,379.4031,289.0633,322.8534,322.53
Payout Ratio47.46%55.97%64.48%72.99%81.49%90.00%92.50%
Projected Dividends (M)11,544.1214,498.0617,787.2421,442.7625,498.3529,990.5631,748.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13,328.0413,454.3713,580.71
Year 2 PV (M)15,032.1615,318.4815,607.50
Year 3 PV (M)16,659.0317,137.2517,624.53
Year 4 PV (M)18,211.1418,911.4919,631.85
Year 5 PV (M)19,690.9220,642.0021,629.48
PV of Terminal Value (M)438,172.87459,336.78481,310.69
Equity Value (M)521,094.16544,800.38569,384.76
Shares Outstanding (M)12,908.9412,908.9412,908.94
Fair Value$40.37$42.20$44.11
Upside / Downside61.47%68.81%76.43%

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