Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

NET263 Ltd. (002467.SZ)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$0.43 - $0.63$0.53
Multi-Stage$0.77 - $0.85$0.81
Blended Fair Value$0.67
Current Price$6.36
Upside-89.48%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.150.000.140.050.050.000.000.020.06
YoY Growth---100.00%0.00%-100.00%201.07%-14.51%22,385.59%-34.69%-98.30%-63.29%-10.06%
Dividend Yield--0.00%3.70%0.00%2.92%0.82%0.84%0.01%0.01%0.37%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)79.86
(-) Cash Dividends Paid (M)13.75
(=) Cash Retained (M)66.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.979.985.99
Cash Retained (M)66.1166.1166.11
(-) Cash Required (M)-15.97-9.98-5.99
(=) Excess Retained (M)50.1356.1260.12
(/) Shares Outstanding (M)1,490.971,490.971,490.97
(=) Excess Retained per Share0.030.040.04
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.030.040.04
(=) Adjusted Dividend0.040.050.05
WACC / Discount Rate7.82%7.82%7.82%
Growth Rate-2.00%-1.00%0.00%
Fair Value$0.43$0.53$0.63
Upside / Downside-93.28%-91.73%-90.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)79.8679.0678.2777.4976.7175.9578.22
Payout Ratio17.22%31.78%46.33%60.89%75.44%90.00%92.50%
Projected Dividends (M)13.7525.1236.2747.1857.8868.3572.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.82%7.82%7.82%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.0723.3023.54
Year 2 PV (M)30.5731.1931.83
Year 3 PV (M)36.5137.6438.79
Year 4 PV (M)41.1242.8244.58
Year 5 PV (M)44.5846.9049.32
PV of Terminal Value (M)978.331,029.271,082.32
Equity Value (M)1,154.171,211.131,270.37
Shares Outstanding (M)1,490.971,490.971,490.97
Fair Value$0.77$0.81$0.85
Upside / Downside-87.83%-87.23%-86.60%

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