Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Giantec Semiconductor Corporation (688123.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$82.54 - $453.67$150.09
Multi-Stage$55.62 - $60.92$58.22
Blended Fair Value$104.16
Current Price$162.47
Upside-35.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS6.79%0.00%0.200.670.210.310.200.140.190.180.240.00
YoY Growth---70.52%227.19%-34.01%57.66%38.41%-25.62%8.27%-25.95%0.00%0.00%
Dividend Yield--0.24%1.27%0.27%0.49%0.62%0.33%0.31%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)398.76
(-) Cash Dividends Paid (M)47.43
(=) Cash Retained (M)351.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)79.7549.8429.91
Cash Retained (M)351.32351.32351.32
(-) Cash Required (M)-79.75-49.84-29.91
(=) Excess Retained (M)271.57301.48321.42
(/) Shares Outstanding (M)159.10159.10159.10
(=) Excess Retained per Share1.711.892.02
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share1.711.892.02
(=) Adjusted Dividend2.012.192.32
WACC / Discount Rate7.34%7.34%7.34%
Growth Rate4.79%5.79%6.79%
Fair Value$82.54$150.09$453.67
Upside / Downside-49.20%-7.62%179.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)398.76421.85446.27472.11499.44528.36544.21
Payout Ratio11.90%27.52%43.14%58.76%74.38%90.00%92.50%
Projected Dividends (M)47.43116.08192.51277.40371.48475.53503.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.34%7.34%7.34%
Growth Rate4.79%5.79%6.79%
Year 1 PV (M)107.12108.14109.17
Year 2 PV (M)163.95167.10170.27
Year 3 PV (M)218.02224.33230.75
Year 4 PV (M)269.44279.87290.61
Year 5 PV (M)318.29333.77349.85
PV of Terminal Value (M)7,771.588,149.548,542.07
Equity Value (M)8,848.419,262.759,692.71
Shares Outstanding (M)159.10159.10159.10
Fair Value$55.62$58.22$60.92
Upside / Downside-65.77%-64.17%-62.50%

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