Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Victory Giant Technology (HuiZhou)Co.,Ltd. (300476.SZ)

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

Valuation Snapshot

Stable Growth$299.56 - $838.86$786.14
Multi-Stage$114.72 - $125.67$120.10
Blended Fair Value$453.12
Current Price$285.50
Upside58.71%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.30%18.06%0.300.270.270.260.230.180.150.150.060.01
YoY Growth--13.02%-2.20%5.37%11.70%31.28%18.95%-0.41%141.27%1,113.93%-91.12%
Dividend Yield--0.37%1.09%1.53%1.12%0.99%0.99%1.03%0.94%0.48%0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,634.65
(-) Cash Dividends Paid (M)339.48
(=) Cash Retained (M)3,295.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)726.93454.33272.60
Cash Retained (M)3,295.173,295.173,295.17
(-) Cash Required (M)-726.93-454.33-272.60
(=) Excess Retained (M)2,568.242,840.843,022.57
(/) Shares Outstanding (M)861.69861.69861.69
(=) Excess Retained per Share2.983.303.51
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share2.983.303.51
(=) Adjusted Dividend3.373.693.90
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate5.50%6.50%7.50%
Fair Value$299.56$786.14$838.86
Upside / Downside4.92%175.35%193.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,634.653,870.904,122.514,390.474,675.854,979.785,129.17
Payout Ratio9.34%25.47%41.60%57.74%73.87%90.00%92.50%
Projected Dividends (M)339.48985.991,715.132,534.883,453.964,481.804,744.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.69%6.69%6.69%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)915.50924.18932.86
Year 2 PV (M)1,478.661,506.821,535.25
Year 3 PV (M)2,029.152,087.402,146.75
Year 4 PV (M)2,567.192,665.922,767.47
Year 5 PV (M)3,093.003,242.393,397.51
PV of Terminal Value (M)88,771.6693,059.3797,511.17
Equity Value (M)98,855.17103,486.09108,291.01
Shares Outstanding (M)861.69861.69861.69
Fair Value$114.72$120.10$125.67
Upside / Downside-59.82%-57.93%-55.98%

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