Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Professional Computer Technology Limited (6270.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$10.04 - $14.72$12.30
Multi-Stage$18.63 - $20.42$19.51
Blended Fair Value$15.90
Current Price$22.40
Upside-29.01%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS34.17%0.00%1.002.102.001.201.300.230.970.500.500.00
YoY Growth---52.38%5.00%66.67%-7.69%465.23%-76.29%94.00%0.00%0.00%0.00%
Dividend Yield--4.35%8.83%8.64%4.78%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)94.85
(-) Cash Dividends Paid (M)72.15
(=) Cash Retained (M)22.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.9711.867.11
Cash Retained (M)22.7122.7122.71
(-) Cash Required (M)-18.97-11.86-7.11
(=) Excess Retained (M)3.7410.8515.59
(/) Shares Outstanding (M)72.2772.2772.27
(=) Excess Retained per Share0.050.150.22
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share0.050.150.22
(=) Adjusted Dividend1.051.151.21
WACC / Discount Rate8.24%8.24%8.24%
Growth Rate-2.00%-1.00%0.00%
Fair Value$10.04$12.30$14.72
Upside / Downside-55.16%-45.10%-34.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)94.8593.9092.9792.0491.1290.2092.91
Payout Ratio76.06%78.85%81.64%84.42%87.21%90.00%92.50%
Projected Dividends (M)72.1574.0475.8977.7079.4681.1885.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.24%8.24%8.24%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)67.7168.4069.09
Year 2 PV (M)63.4764.7766.09
Year 3 PV (M)59.4361.2663.14
Year 4 PV (M)55.5857.8860.26
Year 5 PV (M)51.9354.6357.45
PV of Terminal Value (M)1,048.191,102.771,159.60
Equity Value (M)1,346.301,409.721,475.62
Shares Outstanding (M)72.2772.2772.27
Fair Value$18.63$19.51$20.42
Upside / Downside-16.84%-12.92%-8.85%

High-Yield Dividend Screener

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