Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Inno Laser Technology Co., Ltd. (301021.SZ)

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

Valuation Snapshot

Stable Growth$26.54 - $52.78$49.43
Multi-Stage$26.99 - $29.83$28.38
Blended Fair Value$38.91
Current Price$39.48
Upside-1.45%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-43.00%0.00%0.000.100.120.010.040.030.050.040.010.00
YoY Growth---97.98%-16.74%1,082.40%-72.65%10.44%-25.12%2.92%242.40%0.00%0.00%
Dividend Yield--0.01%0.52%0.45%0.03%0.08%0.07%0.10%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)43.06
(-) Cash Dividends Paid (M)15.58
(=) Cash Retained (M)27.48
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.615.383.23
Cash Retained (M)27.4827.4827.48
(-) Cash Required (M)-8.61-5.38-3.23
(=) Excess Retained (M)18.8722.0924.25
(/) Shares Outstanding (M)150.92150.92150.92
(=) Excess Retained per Share0.130.150.16
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.130.150.16
(=) Adjusted Dividend0.230.250.26
WACC / Discount Rate-1.16%-1.16%-1.16%
Growth Rate-2.00%-1.00%0.00%
Fair Value$26.54$49.43$52.78
Upside / Downside-32.79%25.21%33.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)43.0642.6342.2041.7841.3640.9542.18
Payout Ratio36.19%46.95%57.71%68.48%79.24%90.00%92.50%
Projected Dividends (M)15.5820.0224.3628.6132.7836.8639.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.16%-1.16%-1.16%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)20.0520.2520.45
Year 2 PV (M)24.4324.9325.44
Year 3 PV (M)28.7429.6330.53
Year 4 PV (M)32.9734.3435.75
Year 5 PV (M)37.1339.0641.08
PV of Terminal Value (M)3,930.634,135.314,348.42
Equity Value (M)4,073.944,283.524,501.67
Shares Outstanding (M)150.92150.92150.92
Fair Value$26.99$28.38$29.83
Upside / Downside-31.63%-28.11%-24.45%

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