Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kyland Technology Co., Ltd. (300353.SZ)

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

Valuation Snapshot

Stable Growth$10.86 - $12.80$11.99
Multi-Stage$7.35 - $8.09$7.71
Blended Fair Value$9.85
Current Price$25.86
Upside-61.90%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.61%13.16%0.050.050.050.070.090.080.090.050.010.02
YoY Growth---2.88%-7.45%-24.97%-22.21%8.81%-5.85%85.37%270.49%-45.98%72.74%
Dividend Yield--0.22%0.49%0.41%0.71%1.46%0.70%0.64%0.29%0.08%0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)40.62
(-) Cash Dividends Paid (M)23.67
(=) Cash Retained (M)16.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.125.083.05
Cash Retained (M)16.9516.9516.95
(-) Cash Required (M)-8.12-5.08-3.05
(=) Excess Retained (M)8.8211.8713.90
(/) Shares Outstanding (M)614.94614.94614.94
(=) Excess Retained per Share0.010.020.02
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.010.020.02
(=) Adjusted Dividend0.050.060.06
WACC / Discount Rate0.36%0.36%0.36%
Growth Rate2.75%3.75%4.75%
Fair Value$10.86$11.99$12.80
Upside / Downside-58.01%-53.63%-50.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)40.6242.1443.7245.3647.0648.8350.29
Payout Ratio58.28%64.62%70.97%77.31%83.66%90.00%92.50%
Projected Dividends (M)23.6727.2331.0335.0739.3743.9546.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.36%0.36%0.36%
Growth Rate2.75%3.75%4.75%
Year 1 PV (M)26.8727.1327.40
Year 2 PV (M)30.2130.8031.40
Year 3 PV (M)33.7034.6935.70
Year 4 PV (M)37.3338.8040.32
Year 5 PV (M)41.1243.1645.28
PV of Terminal Value (M)4,352.614,568.584,793.04
Equity Value (M)4,521.844,743.174,973.14
Shares Outstanding (M)614.94614.94614.94
Fair Value$7.35$7.71$8.09
Upside / Downside-71.56%-70.17%-68.73%

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