Definitive Analysis
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Definitive Analysis

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Fujian Torch Electron Technology Co., Ltd. (603678.SS)

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

Valuation Snapshot

Stable Growth$25.86 - $123.45$56.39
Multi-Stage$13.76 - $15.05$14.39
Blended Fair Value$35.39
Current Price$38.87
Upside-8.94%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.16%13.98%0.290.420.560.340.210.140.200.110.100.09
YoY Growth---32.39%-23.71%65.61%59.01%49.09%-29.00%79.67%12.43%12.36%13.44%
Dividend Yield--0.72%1.94%1.34%0.65%0.37%0.63%0.93%0.41%0.32%0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)288.87
(-) Cash Dividends Paid (M)75.87
(=) Cash Retained (M)213.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)57.7736.1121.67
Cash Retained (M)213.00213.00213.00
(-) Cash Required (M)-57.77-36.11-21.67
(=) Excess Retained (M)155.23176.89191.33
(/) Shares Outstanding (M)465.36465.36465.36
(=) Excess Retained per Share0.330.380.41
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.330.380.41
(=) Adjusted Dividend0.500.540.57
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate5.50%6.50%7.50%
Fair Value$25.86$56.39$123.45
Upside / Downside-33.46%45.08%217.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)288.87307.65327.65348.94371.63395.78407.65
Payout Ratio26.27%39.01%51.76%64.51%77.25%90.00%92.50%
Projected Dividends (M)75.87120.02169.59225.09287.09356.20377.08

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.53%7.53%7.53%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)110.57111.62112.67
Year 2 PV (M)143.94146.68149.45
Year 3 PV (M)176.01181.06186.21
Year 4 PV (M)206.81214.77222.95
Year 5 PV (M)236.40247.82259.67
PV of Terminal Value (M)5,529.575,796.656,073.95
Equity Value (M)6,403.306,698.597,004.90
Shares Outstanding (M)465.36465.36465.36
Fair Value$13.76$14.39$15.05
Upside / Downside-64.60%-62.97%-61.27%

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