Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Brighton-Best International (Taiwan) Inc. (8415.TWO)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$133.14 - $522.22$368.22
Multi-Stage$69.96 - $76.52$73.18
Blended Fair Value$220.70
Current Price$33.55
Upside557.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.20%15.55%1.491.791.811.401.412.410.600.560.350.23
YoY Growth---16.95%-0.93%29.65%-0.83%-41.67%304.84%6.69%59.22%50.00%-33.33%
Dividend Yield--4.17%5.30%5.02%3.64%5.18%8.94%1.66%2.56%2.14%1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,702.13
(-) Cash Dividends Paid (M)1,517.39
(=) Cash Retained (M)1,184.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)540.43337.77202.66
Cash Retained (M)1,184.751,184.751,184.75
(-) Cash Required (M)-540.43-337.77-202.66
(=) Excess Retained (M)644.32846.98982.09
(/) Shares Outstanding (M)1,025.951,025.951,025.95
(=) Excess Retained per Share0.630.830.96
LTM Dividend per Share1.481.481.48
(+) Excess Retained per Share0.630.830.96
(=) Adjusted Dividend2.112.302.44
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.18%6.18%7.18%
Fair Value$133.14$368.22$522.22
Upside / Downside296.84%997.53%1,456.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,702.132,869.053,046.293,234.473,434.283,646.443,755.83
Payout Ratio56.16%62.92%69.69%76.46%83.23%90.00%92.50%
Projected Dividends (M)1,517.391,805.332,123.052,473.152,858.393,281.793,474.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.18%6.18%7.18%
Year 1 PV (M)1,673.801,689.721,705.63
Year 2 PV (M)1,824.981,859.851,895.04
Year 3 PV (M)1,971.042,027.792,085.63
Year 4 PV (M)2,112.102,193.582,277.39
Year 5 PV (M)2,248.292,357.222,470.34
PV of Terminal Value (M)61,948.5364,950.0268,066.74
Equity Value (M)71,778.7475,078.1878,500.77
Shares Outstanding (M)1,025.951,025.951,025.95
Fair Value$69.96$73.18$76.52
Upside / Downside108.53%118.12%128.06%

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