Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

E-Life Corporation (6281.TW)

Company Dividend Discount ModelIndustry: Specialty RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$37.14 - $56.43$46.19
Multi-Stage$54.56 - $59.51$56.99
Blended Fair Value$51.59
Current Price$71.40
Upside-27.74%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.99%2.54%4.474.974.974.973.973.673.974.273.673.87
YoY Growth---10.00%0.00%0.00%25.00%8.11%-7.50%-6.98%16.22%-5.13%11.43%
Dividend Yield--5.89%5.97%5.93%5.83%4.81%5.82%6.08%6.55%5.75%6.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)411.78
(-) Cash Dividends Paid (M)396.69
(=) Cash Retained (M)15.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)82.3651.4730.88
Cash Retained (M)15.0915.0915.09
(-) Cash Required (M)-82.36-51.47-30.88
(=) Excess Retained (M)-67.27-36.38-15.80
(/) Shares Outstanding (M)99.8699.8699.86
(=) Excess Retained per Share-0.67-0.36-0.16
LTM Dividend per Share3.973.973.97
(+) Excess Retained per Share-0.67-0.36-0.16
(=) Adjusted Dividend3.303.613.81
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate0.54%1.54%2.54%
Fair Value$37.14$46.19$56.43
Upside / Downside-47.99%-35.30%-20.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)411.78418.14424.60431.16437.82444.59457.93
Payout Ratio96.34%95.07%93.80%92.53%91.27%90.00%92.50%
Projected Dividends (M)396.69397.52398.28398.97399.59400.13423.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.48%9.48%9.48%
Growth Rate0.54%1.54%2.54%
Year 1 PV (M)359.53363.11366.69
Year 2 PV (M)325.80332.31338.89
Year 3 PV (M)295.18304.07313.14
Year 4 PV (M)267.38278.18289.30
Year 5 PV (M)242.16254.44267.22
PV of Terminal Value (M)3,957.964,158.744,367.58
Equity Value (M)5,448.015,690.855,942.82
Shares Outstanding (M)99.8699.8699.86
Fair Value$54.56$56.99$59.51
Upside / Downside-23.59%-20.18%-16.65%

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