Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

T3EX Global Holdings Corp. (2636.TW)

Company Dividend Discount ModelIndustry: Integrated Freight & LogisticsSector: Industrials

Valuation Snapshot

Stable Growth$116.29 - $206.74$154.44
Multi-Stage$99.10 - $107.68$103.32
Blended Fair Value$128.88
Current Price$70.00
Upside84.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.43%29.32%6.4913.1613.442.901.101.861.100.681.501.06
YoY Growth---50.68%-2.11%363.78%164.10%-40.91%69.23%62.50%-55.10%42.14%113.23%
Dividend Yield--8.71%14.07%17.19%2.37%2.02%9.98%4.21%2.77%7.55%4.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,120.49
(-) Cash Dividends Paid (M)821.77
(=) Cash Retained (M)298.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)224.10140.0684.04
Cash Retained (M)298.72298.72298.72
(-) Cash Required (M)-224.10-140.06-84.04
(=) Excess Retained (M)74.62158.66214.69
(/) Shares Outstanding (M)137.15137.15137.15
(=) Excess Retained per Share0.541.161.57
LTM Dividend per Share5.995.995.99
(+) Excess Retained per Share0.541.161.57
(=) Adjusted Dividend6.547.157.56
WACC / Discount Rate11.43%11.43%11.43%
Growth Rate5.50%6.50%7.50%
Fair Value$116.29$154.44$206.74
Upside / Downside66.12%120.63%195.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,120.491,193.321,270.891,353.501,441.471,535.171,581.22
Payout Ratio73.34%76.67%80.00%83.34%86.67%90.00%92.50%
Projected Dividends (M)821.77914.941,016.761,127.951,249.301,381.651,462.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.43%11.43%11.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)813.39821.10828.81
Year 2 PV (M)803.57818.88834.33
Year 3 PV (M)792.50815.25838.43
Year 4 PV (M)780.33810.34841.20
Year 5 PV (M)767.21804.26842.74
PV of Terminal Value (M)9,634.9510,100.3310,583.51
Equity Value (M)13,591.9514,170.1514,769.01
Shares Outstanding (M)137.15137.15137.15
Fair Value$99.10$103.32$107.68
Upside / Downside41.57%47.60%53.83%

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