Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Company Industry Sector

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Industry

Sector

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

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

Valuation Snapshot

Stable Growth$12.88 - $29.83$18.85
Multi-Stage$9.21 - $10.06$9.63
Blended Fair Value$14.24
Current Price$38.87
Upside-63.37%
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 Rate9.57%9.57%9.57%
Growth Rate5.50%6.50%7.50%
Fair Value$12.88$18.85$29.83
Upside / Downside-66.88%-51.51%-23.25%

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 Rate9.57%9.57%9.57%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)108.51109.54110.57
Year 2 PV (M)138.62141.26143.92
Year 3 PV (M)166.34171.12175.98
Year 4 PV (M)191.81199.19206.78
Year 5 PV (M)215.16225.56236.35
PV of Terminal Value (M)3,467.393,634.873,808.75
Equity Value (M)4,287.844,481.534,682.35
Shares Outstanding (M)465.36465.36465.36
Fair Value$9.21$9.63$10.06
Upside / Downside-76.30%-75.22%-74.11%

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