Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

ACM Research, Inc. (ACMR)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$12.45 - $17.96$15.13
Multi-Stage$19.61 - $21.59$20.58
Blended Fair Value$17.86
Current Price$39.13
Upside-54.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.100.060.000.000.000.000.000.000.000.00
YoY Growth--74.64%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.44%0.19%0.00%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)117.11
(-) Cash Dividends Paid (M)0.73
(=) Cash Retained (M)116.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.4214.648.78
Cash Retained (M)116.38116.38116.38
(-) Cash Required (M)-23.42-14.64-8.78
(=) Excess Retained (M)92.96101.74107.59
(/) Shares Outstanding (M)67.3467.3467.34
(=) Excess Retained per Share1.381.511.60
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share1.381.511.60
(=) Adjusted Dividend1.391.521.61
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.45$15.13$17.96
Upside / Downside-68.19%-61.33%-54.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)117.11115.94114.78113.63112.49111.37114.71
Payout Ratio0.62%18.50%36.37%54.25%72.12%90.00%92.50%
Projected Dividends (M)0.7321.4541.7561.6481.14100.23106.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)19.4919.6819.88
Year 2 PV (M)34.4635.1735.88
Year 3 PV (M)46.2347.6649.12
Year 4 PV (M)55.2857.5759.93
Year 5 PV (M)62.0565.2868.64
PV of Terminal Value (M)1,102.911,160.351,220.14
Equity Value (M)1,320.421,385.711,453.61
Shares Outstanding (M)67.3467.3467.34
Fair Value$19.61$20.58$21.59
Upside / Downside-49.89%-47.41%-44.83%

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