Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BYD Electronic (International) Company Limited (0285.HK)

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

Valuation Snapshot

Stable Growth$222.91 - $617.23$578.43
Multi-Stage$85.55 - $93.67$89.53
Blended Fair Value$333.98
Current Price$29.01
Upside1,051.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.50%34.01%0.540.170.100.240.070.200.230.070.070.00
YoY Growth--226.06%60.19%-57.26%239.44%-63.59%-15.22%233.33%2.98%0.00%-100.00%
Dividend Yield--1.36%0.51%0.46%1.04%0.21%1.46%2.66%0.44%1.23%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,993.03
(-) Cash Dividends Paid (M)1,584.00
(=) Cash Retained (M)5,409.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,398.61874.13524.48
Cash Retained (M)5,409.035,409.035,409.03
(-) Cash Required (M)-1,398.61-874.13-524.48
(=) Excess Retained (M)4,010.424,534.904,884.55
(/) Shares Outstanding (M)2,253.212,253.212,253.21
(=) Excess Retained per Share1.782.012.17
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share1.782.012.17
(=) Adjusted Dividend2.482.722.87
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Fair Value$222.91$578.43$617.23
Upside / Downside668.40%1,893.91%2,027.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,993.037,447.587,931.678,447.238,996.309,581.069,868.49
Payout Ratio22.65%36.12%49.59%63.06%76.53%90.00%92.50%
Projected Dividends (M)1,584.002,690.133,933.375,326.866,884.898,622.959,128.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,498.122,521.802,545.48
Year 2 PV (M)3,391.913,456.523,521.73
Year 3 PV (M)4,265.714,388.164,512.93
Year 4 PV (M)5,119.845,316.735,519.25
Year 5 PV (M)5,954.636,242.256,540.86
PV of Terminal Value (M)171,523.29179,807.93188,409.64
Equity Value (M)192,753.50201,733.39211,049.90
Shares Outstanding (M)2,253.212,253.212,253.21
Fair Value$85.55$89.53$93.67
Upside / Downside194.89%208.62%222.88%

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