Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

San Fang Chemical Industry Co., Ltd. (1307.TW)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$66.85 - $182.60$103.16
Multi-Stage$248.60 - $274.06$261.08
Blended Fair Value$182.12
Current Price$30.15
Upside504.05%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.57%1.59%1.490.800.500.500.800.501.692.191.641.50
YoY Growth--87.50%60.00%0.00%-37.50%60.00%-70.59%-22.73%33.29%9.44%17.71%
Dividend Yield--3.40%2.71%2.38%2.47%3.70%2.91%7.38%6.72%4.36%3.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,179.03
(-) Cash Dividends Paid (M)1,074.11
(=) Cash Retained (M)104.92
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)235.81147.3888.43
Cash Retained (M)104.92104.92104.92
(-) Cash Required (M)-235.81-147.38-88.43
(=) Excess Retained (M)-130.89-42.4616.49
(/) Shares Outstanding (M)399.16399.16399.16
(=) Excess Retained per Share-0.33-0.110.04
LTM Dividend per Share2.692.692.69
(+) Excess Retained per Share-0.33-0.110.04
(=) Adjusted Dividend2.362.582.73
WACC / Discount Rate3.11%3.11%3.11%
Growth Rate-0.41%0.59%1.59%
Fair Value$66.85$103.16$182.60
Upside / Downside121.74%242.17%505.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,179.031,185.971,192.961,199.991,207.061,214.171,250.60
Payout Ratio91.10%90.88%90.66%90.44%90.22%90.00%92.50%
Projected Dividends (M)1,074.111,077.831,081.551,085.281,089.011,092.761,156.80

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.11%3.11%3.11%
Growth Rate-0.41%0.59%1.59%
Year 1 PV (M)1,034.931,045.321,055.72
Year 2 PV (M)997.181,017.301,037.63
Year 3 PV (M)960.80990.031,019.85
Year 4 PV (M)925.74963.481,002.37
Year 5 PV (M)891.95937.64985.18
PV of Terminal Value (M)94,422.6799,259.45104,292.43
Equity Value (M)99,233.26104,213.23109,393.18
Shares Outstanding (M)399.16399.16399.16
Fair Value$248.60$261.08$274.06
Upside / Downside724.55%765.93%808.97%

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