Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ton Yi Industrial Corp. (9907.TW)

Company Dividend Discount ModelIndustry: Packaging & ContainersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$16.13 - $26.89$20.87
Multi-Stage$28.59 - $31.36$29.94
Blended Fair Value$25.41
Current Price$17.90
Upside41.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.59%-7.44%0.301.481.000.530.000.470.500.380.320.45
YoY Growth---79.73%48.00%88.68%0.00%-100.00%-6.00%31.58%18.75%-28.89%-30.77%
Dividend Yield--1.76%10.16%5.18%2.93%0.00%5.87%3.84%2.90%2.04%3.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,176.03
(-) Cash Dividends Paid (M)1,531.77
(=) Cash Retained (M)644.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)435.21272.00163.20
Cash Retained (M)644.25644.25644.25
(-) Cash Required (M)-435.21-272.00-163.20
(=) Excess Retained (M)209.05372.25481.05
(/) Shares Outstanding (M)1,580.571,580.571,580.57
(=) Excess Retained per Share0.130.240.30
LTM Dividend per Share0.970.970.97
(+) Excess Retained per Share0.130.240.30
(=) Adjusted Dividend1.101.201.27
WACC / Discount Rate6.94%6.94%6.94%
Growth Rate0.10%1.10%2.10%
Fair Value$16.13$20.87$26.89
Upside / Downside-9.88%16.61%50.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,176.032,199.982,224.202,248.692,273.452,298.482,367.43
Payout Ratio70.39%74.31%78.24%82.16%86.08%90.00%92.50%
Projected Dividends (M)1,531.771,634.911,740.121,847.461,956.952,068.632,189.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.94%6.94%6.94%
Growth Rate0.10%1.10%2.10%
Year 1 PV (M)1,513.751,528.871,543.99
Year 2 PV (M)1,491.771,521.721,551.98
Year 3 PV (M)1,466.421,510.811,556.08
Year 4 PV (M)1,438.211,496.551,556.65
Year 5 PV (M)1,407.631,479.351,553.98
PV of Terminal Value (M)37,863.2039,792.6241,799.90
Equity Value (M)45,180.9847,329.9349,562.58
Shares Outstanding (M)1,580.571,580.571,580.57
Fair Value$28.59$29.94$31.36
Upside / Downside59.69%67.29%75.18%

High-Yield Dividend Screener

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