Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

WinWay Technology Co., Ltd. (6515.TW)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$2,197.67 - $8,755.72$5,939.05
Multi-Stage$1,056.99 - $1,156.75$1,105.95
Blended Fair Value$3,522.50
Current Price$1,295.00
Upside172.01%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162014
DPS21.54%15.76%10.5321.0310.4812.2610.223.973.577.150.003.14
YoY Growth---49.90%100.55%-14.48%20.01%157.26%11.11%-50.00%0.00%-100.00%28.96%
Dividend Yield--1.10%2.91%1.46%2.76%2.67%1.44%0.63%1.25%0.00%0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,579.75
(-) Cash Dividends Paid (M)377.98
(=) Cash Retained (M)1,201.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)315.95197.47118.48
Cash Retained (M)1,201.781,201.781,201.78
(-) Cash Required (M)-315.95-197.47-118.48
(=) Excess Retained (M)885.821,004.311,083.29
(/) Shares Outstanding (M)35.8835.8835.88
(=) Excess Retained per Share24.6927.9930.19
LTM Dividend per Share10.5310.5310.53
(+) Excess Retained per Share24.6927.9930.19
(=) Adjusted Dividend35.2238.5240.72
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate5.50%6.50%7.50%
Fair Value$2,197.67$5,939.05$8,755.72
Upside / Downside69.70%358.61%576.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,579.751,682.441,791.801,908.262,032.302,164.402,229.33
Payout Ratio23.93%37.14%50.36%63.57%76.79%90.00%92.50%
Projected Dividends (M)377.98624.88902.271,213.091,560.511,947.962,062.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)577.48582.96588.43
Year 2 PV (M)770.60785.28800.09
Year 3 PV (M)957.48984.971,012.97
Year 4 PV (M)1,138.271,182.051,227.07
Year 5 PV (M)1,313.131,376.551,442.40
PV of Terminal Value (M)33,170.0434,772.1636,435.60
Equity Value (M)37,927.0039,683.9641,506.58
Shares Outstanding (M)35.8835.8835.88
Fair Value$1,056.99$1,105.95$1,156.75
Upside / Downside-18.38%-14.60%-10.68%

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