Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PC Partner Group Limited (1263.HK)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$35.10 - $99.23$54.71
Multi-Stage$24.67 - $26.90$25.77
Blended Fair Value$40.24
Current Price$6.82
Upside490.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%24.97%0.400.352.411.060.000.000.590.210.040.05
YoY Growth--14.29%-85.47%127.73%0.00%0.00%-100.00%181.56%452.35%-22.22%12.50%
Dividend Yield--8.03%10.97%48.76%7.73%0.00%0.00%33.67%5.67%1.72%7.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)553.23
(-) Cash Dividends Paid (M)349.10
(=) Cash Retained (M)204.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)110.6569.1541.49
Cash Retained (M)204.14204.14204.14
(-) Cash Required (M)-110.65-69.15-41.49
(=) Excess Retained (M)93.49134.98162.64
(/) Shares Outstanding (M)387.88387.88387.88
(=) Excess Retained per Share0.240.350.42
LTM Dividend per Share0.900.900.90
(+) Excess Retained per Share0.240.350.42
(=) Adjusted Dividend1.141.251.32
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate5.49%6.49%7.49%
Fair Value$35.10$54.71$99.23
Upside / Downside414.68%702.19%1,354.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)553.23589.15627.40668.13711.51757.70780.43
Payout Ratio63.10%68.48%73.86%79.24%84.62%90.00%92.50%
Projected Dividends (M)349.10403.45463.40529.43602.08681.93721.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.92%8.92%8.92%
Growth Rate5.49%6.49%7.49%
Year 1 PV (M)366.93370.41373.89
Year 2 PV (M)383.30390.60397.97
Year 3 PV (M)398.27409.70421.35
Year 4 PV (M)411.92427.76444.05
Year 5 PV (M)424.31444.81466.09
PV of Terminal Value (M)7,585.507,951.918,332.34
Equity Value (M)9,570.229,995.1810,435.69
Shares Outstanding (M)387.88387.88387.88
Fair Value$24.67$25.77$26.90
Upside / Downside261.77%277.84%294.49%

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