Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

WinTech Nano (Suzhou) Co Ltd. (688757.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$2.28 - $3.64$2.90
Multi-Stage$6.24 - $6.87$6.55
Blended Fair Value$4.72
Current Price$32.19
Upside-85.33%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.060.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.26%0.00%0.00%0.00%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)83.14
(-) Cash Dividends Paid (M)66.78
(=) Cash Retained (M)16.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.6310.396.24
Cash Retained (M)16.3616.3616.36
(-) Cash Required (M)-16.63-10.39-6.24
(=) Excess Retained (M)-0.275.9710.12
(/) Shares Outstanding (M)373.10373.10373.10
(=) Excess Retained per Share0.000.020.03
LTM Dividend per Share0.180.180.18
(+) Excess Retained per Share0.000.020.03
(=) Adjusted Dividend0.180.190.21
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.28$2.90$3.64
Upside / Downside-92.92%-91.00%-88.69%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)83.1482.3181.4980.6779.8679.0781.44
Payout Ratio80.32%82.26%84.19%86.13%88.06%90.00%92.50%
Projected Dividends (M)66.7867.7168.6169.4870.3371.1675.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)63.4364.0864.72
Year 2 PV (M)60.2161.4562.70
Year 3 PV (M)57.1358.9060.70
Year 4 PV (M)54.1856.4258.74
Year 5 PV (M)51.3554.0356.81
PV of Terminal Value (M)2,040.822,147.092,257.74
Equity Value (M)2,327.122,441.962,561.40
Shares Outstanding (M)373.10373.10373.10
Fair Value$6.24$6.55$6.87
Upside / Downside-80.62%-79.67%-78.67%

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