Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

SigmaStar Technology Ltd (301536.SZ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$5.55 - $8.50$6.93
Multi-Stage$12.01 - $13.23$12.61
Blended Fair Value$9.77
Current Price$64.36
Upside-84.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.140.030.860.000.000.000.000.000.000.00
YoY Growth--466.37%-97.10%88,597.96%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.24%0.06%1.80%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)262.21
(-) Cash Dividends Paid (M)103.56
(=) Cash Retained (M)158.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.4432.7819.67
Cash Retained (M)158.64158.64158.64
(-) Cash Required (M)-52.44-32.78-19.67
(=) Excess Retained (M)106.20125.87138.98
(/) Shares Outstanding (M)426.45426.45426.45
(=) Excess Retained per Share0.250.300.33
LTM Dividend per Share0.240.240.24
(+) Excess Retained per Share0.250.300.33
(=) Adjusted Dividend0.490.540.57
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.55$6.93$8.50
Upside / Downside-91.38%-89.24%-86.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)262.21259.58256.99254.42251.87249.36256.84
Payout Ratio39.50%49.60%59.70%69.80%79.90%90.00%92.50%
Projected Dividends (M)103.56128.75153.42177.58201.25224.42237.57

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)119.46120.67121.89
Year 2 PV (M)132.07134.78137.52
Year 3 PV (M)141.84146.23150.70
Year 4 PV (M)149.14155.32161.69
Year 5 PV (M)154.31162.35170.71
PV of Terminal Value (M)4,426.764,657.274,897.29
Equity Value (M)5,123.585,376.625,639.81
Shares Outstanding (M)426.45426.45426.45
Fair Value$12.01$12.61$13.23
Upside / Downside-81.33%-80.41%-79.45%

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