Definitive Analysis
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Definitive Analysis

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

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Sector

Taiwan Fire & Marine Insurance Co., Ltd. (2832.TW)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$92.09 - $314.00$151.13
Multi-Stage$65.71 - $71.73$68.66
Blended Fair Value$109.90
Current Price$53.57
Upside105.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.63%1.64%1.421.090.821.201.090.981.200.981.310.99
YoY Growth--30.00%33.33%-31.82%10.00%11.11%-18.18%22.22%-25.00%32.74%-18.18%
Dividend Yield--4.22%4.12%3.95%5.80%4.88%5.35%5.98%4.77%6.89%4.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,108.58
(-) Cash Dividends Paid (M)724.40
(=) Cash Retained (M)384.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)221.72138.5783.14
Cash Retained (M)384.18384.18384.18
(-) Cash Required (M)-221.72-138.57-83.14
(=) Excess Retained (M)162.46245.60301.03
(/) Shares Outstanding (M)331.26331.26331.26
(=) Excess Retained per Share0.490.740.91
LTM Dividend per Share2.192.192.19
(+) Excess Retained per Share0.490.740.91
(=) Adjusted Dividend2.682.933.10
WACC / Discount Rate8.17%8.17%8.17%
Growth Rate5.11%6.11%7.11%
Fair Value$92.09$151.13$314.00
Upside / Downside71.90%182.12%486.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,108.581,176.361,248.281,324.601,405.581,491.521,536.27
Payout Ratio65.35%70.28%75.21%80.14%85.07%90.00%92.50%
Projected Dividends (M)724.40826.70938.791,061.511,195.721,342.371,421.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.17%8.17%8.17%
Growth Rate5.11%6.11%7.11%
Year 1 PV (M)757.05764.26771.46
Year 2 PV (M)787.29802.34817.53
Year 3 PV (M)815.20838.69862.63
Year 4 PV (M)840.92873.38906.77
Year 5 PV (M)864.52906.44949.96
PV of Terminal Value (M)17,702.0218,560.2319,451.41
Equity Value (M)21,767.0022,745.3323,759.75
Shares Outstanding (M)331.26331.26331.26
Fair Value$65.71$68.66$71.73
Upside / Downside22.66%28.18%33.89%

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