Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DBG Technology Co., Ltd. (300735.SZ)

Company Dividend Discount ModelIndustry: Consumer ElectronicsSector: Technology

Valuation Snapshot

Stable Growth$18.92 - $84.48$44.22
Multi-Stage$10.03 - $10.95$10.48
Blended Fair Value$27.35
Current Price$29.22
Upside-6.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.63%24.49%0.300.280.240.230.230.140.090.010.010.07
YoY Growth--8.84%14.68%7.46%0.91%59.43%50.42%1,108.03%12.89%-90.30%108.19%
Dividend Yield--1.10%0.91%2.11%2.08%1.90%0.73%0.65%0.06%0.09%0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)325.85
(-) Cash Dividends Paid (M)210.26
(=) Cash Retained (M)115.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)65.1740.7324.44
Cash Retained (M)115.60115.60115.60
(-) Cash Required (M)-65.17-40.73-24.44
(=) Excess Retained (M)50.4274.8691.16
(/) Shares Outstanding (M)767.11767.11767.11
(=) Excess Retained per Share0.070.100.12
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.070.100.12
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate5.50%6.50%7.50%
Fair Value$18.92$44.22$84.48
Upside / Downside-35.26%51.32%189.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)325.85347.03369.59393.61419.20446.45459.84
Payout Ratio64.53%69.62%74.72%79.81%84.91%90.00%92.50%
Projected Dividends (M)210.26241.61276.14314.14355.92401.80425.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)222.86224.97227.08
Year 2 PV (M)234.94239.42243.94
Year 3 PV (M)246.54253.61260.83
Year 4 PV (M)257.65267.56277.75
Year 5 PV (M)268.29281.25294.70
PV of Terminal Value (M)6,461.836,773.947,097.99
Equity Value (M)7,692.108,040.748,402.28
Shares Outstanding (M)767.11767.11767.11
Fair Value$10.03$10.48$10.95
Upside / Downside-65.68%-64.13%-62.52%

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