Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

STI Co., Ltd. (039440.KQ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$15,358.54 - $23,524.31$19,171.71
Multi-Stage$32,370.26 - $35,680.04$33,992.44
Blended Fair Value$26,582.07
Current Price$22,750.00
Upside16.84%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-4.93%0.00%198.68250.24202.48151.86253.65255.810.000.000.000.00
YoY Growth---20.60%23.59%33.33%-40.13%-0.85%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.00%0.72%1.53%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)25,303.86
(-) Cash Dividends Paid (M)2,947.41
(=) Cash Retained (M)22,356.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,060.773,162.981,897.79
Cash Retained (M)22,356.4522,356.4522,356.45
(-) Cash Required (M)-5,060.77-3,162.98-1,897.79
(=) Excess Retained (M)17,295.6819,193.4720,458.66
(/) Shares Outstanding (M)14.8414.8414.84
(=) Excess Retained per Share1,165.871,293.801,379.08
LTM Dividend per Share198.68198.68198.68
(+) Excess Retained per Share1,165.871,293.801,379.08
(=) Adjusted Dividend1,364.551,492.481,577.76
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-2.00%-1.00%0.00%
Fair Value$15,358.54$19,171.71$23,524.31
Upside / Downside-32.49%-15.73%3.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)25,303.8625,050.8224,800.3124,552.3124,306.7924,063.7224,785.63
Payout Ratio11.65%27.32%42.99%58.66%74.33%90.00%92.50%
Projected Dividends (M)2,947.416,843.5010,661.3714,402.1918,067.1421,657.3522,926.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)6,348.576,413.366,478.14
Year 2 PV (M)9,175.079,363.279,553.38
Year 3 PV (M)11,498.0311,853.6112,216.45
Year 4 PV (M)13,380.8113,935.3814,507.01
Year 5 PV (M)14,879.7815,654.6016,461.37
PV of Terminal Value (M)424,930.49447,057.60470,097.04
Equity Value (M)480,212.74504,277.83529,313.40
Shares Outstanding (M)14.8414.8414.84
Fair Value$32,370.26$33,992.44$35,680.04
Upside / Downside42.29%49.42%56.84%

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