Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tech Semiconductors Co., Ltd. (300046.SZ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$2.85 - $4.59$3.64
Multi-Stage$4.91 - $5.38$5.14
Blended Fair Value$4.39
Current Price$43.05
Upside-89.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.000.000.270.120.030.150.24
YoY Growth--0.00%0.00%0.00%0.00%-100.00%125.00%300.00%-80.00%-37.50%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%1.27%0.71%0.24%1.02%2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63.43
(-) Cash Dividends Paid (M)34.30
(=) Cash Retained (M)29.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.697.934.76
Cash Retained (M)29.1329.1329.13
(-) Cash Required (M)-12.69-7.93-4.76
(=) Excess Retained (M)16.4521.2024.37
(/) Shares Outstanding (M)236.59236.59236.59
(=) Excess Retained per Share0.070.090.10
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.070.090.10
(=) Adjusted Dividend0.210.230.25
WACC / Discount Rate7.34%7.34%7.34%
Growth Rate-0.17%0.83%1.83%
Fair Value$2.85$3.64$4.59
Upside / Downside-93.37%-91.55%-89.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63.4363.9664.4965.0365.5766.1168.10
Payout Ratio54.07%61.26%68.44%75.63%82.81%90.00%92.50%
Projected Dividends (M)34.3039.1844.1449.1854.3059.5062.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.34%7.34%7.34%
Growth Rate-0.17%0.83%1.83%
Year 1 PV (M)36.1436.5036.86
Year 2 PV (M)37.5538.3139.07
Year 3 PV (M)38.5939.7740.96
Year 4 PV (M)39.3140.9042.55
Year 5 PV (M)39.7341.7643.87
PV of Terminal Value (M)969.531,019.071,070.61
Equity Value (M)1,160.851,216.311,273.93
Shares Outstanding (M)236.59236.59236.59
Fair Value$4.91$5.14$5.38
Upside / Downside-88.60%-88.06%-87.49%

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