Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Hantech Bio-Technology Co., Ltd. (1294.TWO)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$92.25 - $229.70$138.28
Multi-Stage$67.58 - $73.65$70.56
Blended Fair Value$104.42
Current Price$81.10
Upside28.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS39.19%0.00%0.610.530.000.250.120.120.000.000.000.00
YoY Growth--15.28%0.00%-100.00%116.79%0.03%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.64%0.30%0.00%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)132.42
(-) Cash Dividends Paid (M)87.43
(=) Cash Retained (M)44.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.4816.559.93
Cash Retained (M)44.9844.9844.98
(-) Cash Required (M)-26.48-16.55-9.93
(=) Excess Retained (M)18.5028.4335.05
(/) Shares Outstanding (M)31.9131.9131.91
(=) Excess Retained per Share0.580.891.10
LTM Dividend per Share2.742.742.74
(+) Excess Retained per Share0.580.891.10
(=) Adjusted Dividend3.323.633.84
WACC / Discount Rate9.30%9.30%9.30%
Growth Rate5.50%6.50%7.50%
Fair Value$92.25$138.28$229.70
Upside / Downside13.75%70.51%183.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)132.42141.02150.19159.95170.35181.42186.87
Payout Ratio66.03%70.82%75.62%80.41%85.21%90.00%92.50%
Projected Dividends (M)87.4399.88113.57128.62145.15163.28172.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.30%9.30%9.30%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)90.5291.3892.24
Year 2 PV (M)93.3095.0796.87
Year 3 PV (M)95.7698.51101.31
Year 4 PV (M)97.95101.72105.59
Year 5 PV (M)99.87104.69109.70
PV of Terminal Value (M)1,679.021,760.121,844.32
Equity Value (M)2,156.422,251.492,350.03
Shares Outstanding (M)31.9131.9131.91
Fair Value$67.58$70.56$73.65
Upside / Downside-16.67%-13.00%-9.19%

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