Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Universal Vision Biotechnology Co., Ltd. (3218.TWO)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$330.23 - $1,551.84$583.05
Multi-Stage$209.86 - $228.94$219.23
Blended Fair Value$401.14
Current Price$202.00
Upside98.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS44.19%0.00%6.985.644.483.761.791.120.000.000.000.00
YoY Growth--23.67%26.00%19.05%110.00%60.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.52%2.04%1.20%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)887.85
(-) Cash Dividends Paid (M)635.44
(=) Cash Retained (M)252.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)177.57110.9866.59
Cash Retained (M)252.42252.42252.42
(-) Cash Required (M)-177.57-110.98-66.59
(=) Excess Retained (M)74.85141.43185.83
(/) Shares Outstanding (M)85.0185.0185.01
(=) Excess Retained per Share0.881.662.19
LTM Dividend per Share7.477.477.47
(+) Excess Retained per Share0.881.662.19
(=) Adjusted Dividend8.369.149.66
WACC / Discount Rate8.17%8.17%8.17%
Growth Rate5.50%6.50%7.50%
Fair Value$330.23$583.05$1,551.84
Upside / Downside63.48%188.64%668.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)887.85945.561,007.031,072.481,142.191,216.441,252.93
Payout Ratio71.57%75.26%78.94%82.63%86.31%90.00%92.50%
Projected Dividends (M)635.44711.59794.97886.17985.871,094.791,158.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.17%8.17%8.17%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)651.68657.85664.03
Year 2 PV (M)666.73679.42692.24
Year 3 PV (M)680.64700.17720.08
Year 4 PV (M)693.45720.12747.55
Year 5 PV (M)705.22739.29774.65
PV of Terminal Value (M)14,442.4015,139.9715,864.24
Equity Value (M)17,840.1118,636.8319,462.80
Shares Outstanding (M)85.0185.0185.01
Fair Value$209.86$219.23$228.94
Upside / Downside3.89%8.53%13.34%

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