Definitive Analysis
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Definitive Analysis

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Sector

PixArt Imaging Inc. (3227.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$106.92 - $159.61$131.97
Multi-Stage$204.28 - $224.68$214.28
Blended Fair Value$173.13
Current Price$229.50
Upside-24.56%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-1.38%0.00%4.505.858.778.054.774.820.000.000.000.00
YoY Growth---23.16%-33.26%8.92%68.64%-0.97%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%3.74%8.12%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)1,948.69
(-) Cash Dividends Paid (M)673.79
(=) Cash Retained (M)1,274.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)389.74243.59146.15
Cash Retained (M)1,274.901,274.901,274.90
(-) Cash Required (M)-389.74-243.59-146.15
(=) Excess Retained (M)885.161,031.321,128.75
(/) Shares Outstanding (M)149.80149.80149.80
(=) Excess Retained per Share5.916.887.53
LTM Dividend per Share4.504.504.50
(+) Excess Retained per Share5.916.887.53
(=) Adjusted Dividend10.4111.3812.03
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Fair Value$106.92$131.97$159.61
Upside / Downside-53.41%-42.50%-30.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,948.691,929.211,909.911,890.811,871.911,853.191,908.78
Payout Ratio34.58%45.66%56.75%67.83%78.92%90.00%92.50%
Projected Dividends (M)673.79880.901,083.801,282.551,477.221,667.871,765.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.54%7.54%7.54%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)810.87819.14827.42
Year 2 PV (M)918.33937.17956.20
Year 3 PV (M)1,000.351,031.291,062.85
Year 4 PV (M)1,060.591,104.551,149.86
Year 5 PV (M)1,102.281,159.671,219.44
PV of Terminal Value (M)25,709.0927,047.8228,441.75
Equity Value (M)30,601.5032,099.6433,657.51
Shares Outstanding (M)149.80149.80149.80
Fair Value$204.28$214.28$224.68
Upside / Downside-10.99%-6.63%-2.10%

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