Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bestechnic (Shanghai) Co., Ltd. (688608.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$183.26 - $788.03$447.64
Multi-Stage$92.48 - $101.17$96.75
Blended Fair Value$272.19
Current Price$297.50
Upside-8.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS317.60%0.00%0.660.000.250.120.000.000.010.000.000.00
YoY Growth--26,154.47%-98.99%108.64%0.00%-100.00%-93.14%69.07%0.00%0.00%0.00%
Dividend Yield--0.23%0.00%0.24%0.09%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)672.96
(-) Cash Dividends Paid (M)203.33
(=) Cash Retained (M)469.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)134.5984.1250.47
Cash Retained (M)469.62469.62469.62
(-) Cash Required (M)-134.59-84.12-50.47
(=) Excess Retained (M)335.03385.51419.15
(/) Shares Outstanding (M)169.83169.83169.83
(=) Excess Retained per Share1.972.272.47
LTM Dividend per Share1.201.201.20
(+) Excess Retained per Share1.972.272.47
(=) Adjusted Dividend3.173.473.67
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate5.50%6.50%7.50%
Fair Value$183.26$447.64$788.03
Upside / Downside-38.40%50.47%164.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)672.96716.70763.28812.90865.74922.01949.67
Payout Ratio30.21%42.17%54.13%66.09%78.04%90.00%92.50%
Projected Dividends (M)203.33302.24413.16537.21675.65829.81878.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.32%7.32%7.32%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)278.97281.62284.26
Year 2 PV (M)351.98358.69365.45
Year 3 PV (M)422.43434.55446.91
Year 4 PV (M)490.38509.23528.63
Year 5 PV (M)555.89582.74610.62
PV of Terminal Value (M)13,606.6914,263.9014,946.26
Equity Value (M)15,706.3416,430.7317,182.13
Shares Outstanding (M)169.83169.83169.83
Fair Value$92.48$96.75$101.17
Upside / Downside-68.91%-67.48%-65.99%

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