Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NET263 Ltd. (002467.SZ)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$0.44 - $0.67$0.55
Multi-Stage$0.84 - $0.93$0.89
Blended Fair Value$0.72
Current Price$6.36
Upside-88.71%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.150.000.140.050.050.000.000.020.06
YoY Growth---100.00%0.00%-100.00%201.07%-14.51%22,385.59%-34.69%-98.30%-63.29%-10.06%
Dividend Yield--0.00%3.70%0.00%2.92%0.82%0.84%0.01%0.01%0.37%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)79.86
(-) Cash Dividends Paid (M)13.75
(=) Cash Retained (M)66.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.979.985.99
Cash Retained (M)66.1166.1166.11
(-) Cash Required (M)-15.97-9.98-5.99
(=) Excess Retained (M)50.1356.1260.12
(/) Shares Outstanding (M)1,490.971,490.971,490.97
(=) Excess Retained per Share0.030.040.04
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.030.040.04
(=) Adjusted Dividend0.040.050.05
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.44$0.55$0.67
Upside / Downside-93.01%-91.36%-89.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)79.8679.0678.2777.4976.7175.9578.22
Payout Ratio17.22%31.78%46.33%60.89%75.44%90.00%92.50%
Projected Dividends (M)13.7525.1236.2747.1857.8868.3572.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.1523.3823.62
Year 2 PV (M)30.7931.4232.05
Year 3 PV (M)36.9038.0439.21
Year 4 PV (M)41.7143.4345.22
Year 5 PV (M)45.3847.7450.20
PV of Terminal Value (M)1,081.871,138.201,196.86
Equity Value (M)1,259.791,322.221,387.16
Shares Outstanding (M)1,490.971,490.971,490.97
Fair Value$0.84$0.89$0.93
Upside / Downside-86.71%-86.06%-85.37%

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