Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bytes Technology Group plc (BYIT.L)

Company Dividend Discount ModelIndustry: Software - InfrastructureSector: Technology

Valuation Snapshot

Stable Growth$2.78 - $3.94$3.35
Multi-Stage$4.58 - $5.00$4.79
Blended Fair Value$4.07
Current Price$4.12
Upside-1.18%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20252024202320222021202020192018
DPS25.43%0.00%0.170.150.120.020.190.060.030.000.000.00
YoY Growth--16.93%19.53%539.96%-90.14%252.17%112.31%0.00%0.00%0.00%0.00%
Dividend Yield--4.10%2.69%3.07%0.42%4.75%1.67%0.78%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)105.34
(-) Cash Dividends Paid (M)83.86
(=) Cash Retained (M)21.48
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21.0713.177.90
Cash Retained (M)21.4821.4821.48
(-) Cash Required (M)-21.07-13.17-7.90
(=) Excess Retained (M)0.418.3113.58
(/) Shares Outstanding (M)249.41249.41249.41
(=) Excess Retained per Share0.000.030.05
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.000.030.05
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate9.91%9.91%9.91%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.78$3.35$3.94
Upside / Downside-32.50%-18.58%-4.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)105.34104.28103.24102.21101.18100.17103.18
Payout Ratio79.61%81.69%83.77%85.84%87.92%90.00%92.50%
Projected Dividends (M)83.8685.1986.4887.7488.9690.1695.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.91%9.91%9.91%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)76.7277.5178.29
Year 2 PV (M)70.1571.5973.05
Year 3 PV (M)64.1166.0968.11
Year 4 PV (M)58.5560.9763.47
Year 5 PV (M)53.4456.2259.12
PV of Terminal Value (M)819.16861.82906.23
Equity Value (M)1,142.131,194.201,248.27
Shares Outstanding (M)249.41249.41249.41
Fair Value$4.58$4.79$5.00
Upside / Downside11.15%16.21%21.48%

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