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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Page: Dividend Discount Model

Evergreen Marine Corporation (Taiwan) Ltd.

Ticker: 2603.TW | Industry: Marine Shipping | Sector: Industrials
$189.50 -3.00 (-1.56%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$1,861.48 - $5,005.85$2,837.65
Multi-Stage DDM$952.85 - $1,041.50$996.37
Blended Fair Value$1,917.01
Stock Price$183.50

Dividend History (Last 10 Years)

Metric2024202320222021202020192018201720162015
DPS9.95568.72644.7186.2210.0000.0000.4730.0000.0000.230
YoY %-85.52%53.69%618.83%0.00%0.00%-100.00%0.00%0.00%-100.00%0.00%
Yield5.425%37.453%24.369%3.390%0.000%0.000%0.258%0.000%0.000%0.126%

CAGRValue
5 Year0.00%
10 Year0.00%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth5.50% to 7.50%6.50%
WACC9.00%9.00%
Fair Value$1,861.48 - $5,005.85$2,837.65

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income139,453.29139,453.29139,453.29
(=) Cash Required27,890.6617,431.6610,459.00
Cash Retained139,453.29139,453.29139,453.29
(-) Cash Required-27,890.66-17,431.66-10,459.00
(=) Excess Retained111,562.63122,021.63128,994.30
(/) Shares Outstanding2,153,694,0002,153,694,0002,153,694,000
(=) Excess Retained per Share51.8056.6659.89
LTM Dividend per Share9.9559.9559.955
(+) Excess Retained per Share51.8056.6659.89
(=) Adjusted Dividend61.75566.61169.849

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income139,453.29148,517.76158,171.41168,452.55179,401.97191,063.10
Payout Ratio15.4%25.0%41.0%57.0%73.0%90.0%
Projected Dividends21,439.1537,129.4464,850.2896,017.96130,963.44171,956.79

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV35,229.6235,563.5535,897.48
Year 2 PV55,921.3756,986.5258,061.71
Year 3 PV75,247.9777,408.0679,609.11
Year 4 PV93,275.7596,862.87100,552.47
Year 5 PV111,304.91116,680.98122,262.81
TV PV1,681,169.881,762,371.011,846,679.91
Equity Value2,052,149.502,145,873.002,243,063.49
Fair Value$952.85$996.37$1,041.50
Stock Price$183.50$183.50$183.50

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