Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Shen Zhen Australis Electronic Technology Co.,Ltd. (300940.SZ)

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

Valuation Snapshot

Stable Growth$1.60 - $2.06$1.84
Multi-Stage$2.88 - $3.21$3.04
Blended Fair Value$2.44
Current Price$29.45
Upside-91.71%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-32.72%0.00%0.000.000.080.040.000.020.060.120.010.00
YoY Growth--70.76%-98.28%88.00%1,831.17%-87.04%-71.75%-47.42%1,350.60%0.00%0.00%
Dividend Yield--0.01%0.01%0.43%0.17%0.01%0.03%0.09%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)132.31
(-) Cash Dividends Paid (M)0.24
(=) Cash Retained (M)132.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.4616.549.92
Cash Retained (M)132.07132.07132.07
(-) Cash Required (M)-26.46-16.54-9.92
(=) Excess Retained (M)105.61115.53122.15
(/) Shares Outstanding (M)222.69222.69222.69
(=) Excess Retained per Share0.470.520.55
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.470.520.55
(=) Adjusted Dividend0.480.520.55
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate-15.27%-14.27%-13.27%
Fair Value$1.60$1.84$2.06
Upside / Downside-94.57%-93.74%-93.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)132.31113.4297.2383.3571.4661.2663.09
Payout Ratio0.18%18.14%36.11%54.07%72.04%90.00%92.50%
Projected Dividends (M)0.2420.5835.1145.0751.4755.1358.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate-15.27%-14.27%-13.27%
Year 1 PV (M)18.5118.7218.94
Year 2 PV (M)28.3929.0629.74
Year 3 PV (M)32.7733.9435.14
Year 4 PV (M)33.6535.2736.94
Year 5 PV (M)32.4134.3636.42
PV of Terminal Value (M)496.06526.03557.44
Equity Value (M)641.77677.39714.62
Shares Outstanding (M)222.69222.69222.69
Fair Value$2.88$3.04$3.21
Upside / Downside-90.21%-89.67%-89.10%

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