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$85.27 - $435.85$153.02
Multi-Stage$55.82 - $60.98$58.36
Blended Fair Value$105.69
Current Price$33.55
Upside215.02%
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 Rate7.78%7.78%7.78%
Growth Rate5.18%6.18%7.18%
Fair Value$85.27$153.02$435.85
Upside / Downside154.14%356.10%1,199.12%

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 Rate7.78%7.78%7.78%
Growth Rate5.18%6.18%7.18%
Year 1 PV (M)1,659.291,675.061,690.84
Year 2 PV (M)1,793.471,827.731,862.32
Year 3 PV (M)1,920.211,975.502,031.84
Year 4 PV (M)2,039.792,118.482,199.42
Year 5 PV (M)2,152.492,256.782,365.08
PV of Terminal Value (M)47,704.8150,016.1752,416.27
Equity Value (M)57,270.0559,869.7262,565.77
Shares Outstanding (M)1,025.951,025.951,025.95
Fair Value$55.82$58.36$60.98
Upside / Downside66.38%73.94%81.77%

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