Definitive Analysis
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Definitive Analysis

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TES Touch Embedded Solutions (Xiamen) Co., Ltd. (003019.SZ)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$30.03 - $116.55$50.88
Multi-Stage$27.10 - $29.68$28.37
Blended Fair Value$39.62
Current Price$36.15
Upside9.60%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS6.98%0.00%0.500.710.360.330.420.350.220.000.010.00
YoY Growth---30.03%99.40%9.21%-22.15%18.13%64.14%6,207.49%-76.07%0.00%0.00%
Dividend Yield--1.43%3.24%1.58%1.85%1.94%1.39%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)181.30
(-) Cash Dividends Paid (M)98.87
(=) Cash Retained (M)82.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.2622.6613.60
Cash Retained (M)82.4282.4282.42
(-) Cash Required (M)-36.26-22.66-13.60
(=) Excess Retained (M)46.1659.7668.83
(/) Shares Outstanding (M)174.54174.54174.54
(=) Excess Retained per Share0.260.340.39
LTM Dividend per Share0.570.570.57
(+) Excess Retained per Share0.260.340.39
(=) Adjusted Dividend0.830.910.96
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.80%4.80%5.80%
Fair Value$30.03$50.88$116.55
Upside / Downside-16.92%40.74%222.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)181.30190.01199.13208.70218.72229.23236.10
Payout Ratio54.54%61.63%68.72%75.81%82.91%90.00%92.50%
Projected Dividends (M)98.87117.10136.85158.22181.34206.30218.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate3.80%4.80%5.80%
Year 1 PV (M)108.72109.77110.82
Year 2 PV (M)117.97120.26122.56
Year 3 PV (M)126.64130.34134.11
Year 4 PV (M)134.76140.03145.45
Year 5 PV (M)142.35149.34156.61
PV of Terminal Value (M)4,100.064,301.394,510.56
Equity Value (M)4,730.524,951.145,180.11
Shares Outstanding (M)174.54174.54174.54
Fair Value$27.10$28.37$29.68
Upside / Downside-25.03%-21.53%-17.90%

High-Yield Dividend Screener

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