Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

iFLYTEK CO.,LTD (002230.SZ)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$10.80 - $45.39$18.63
Multi-Stage$6.62 - $7.24$6.93
Blended Fair Value$12.78
Current Price$56.05
Upside-77.20%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.95%15.57%0.170.130.120.210.160.120.080.070.070.06
YoY Growth--29.99%11.25%-43.71%32.03%30.21%47.46%15.13%9.32%15.69%41.49%
Dividend Yield--0.36%0.26%0.18%0.45%0.33%0.35%0.22%0.18%0.28%0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)837.19
(-) Cash Dividends Paid (M)135.80
(=) Cash Retained (M)701.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)167.44104.6562.79
Cash Retained (M)701.39701.39701.39
(-) Cash Required (M)-167.44-104.65-62.79
(=) Excess Retained (M)533.96596.74638.60
(/) Shares Outstanding (M)2,353.472,353.472,353.47
(=) Excess Retained per Share0.230.250.27
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.230.250.27
(=) Adjusted Dividend0.280.310.33
WACC / Discount Rate8.28%8.28%8.28%
Growth Rate5.50%6.50%7.50%
Fair Value$10.80$18.63$45.39
Upside / Downside-80.73%-66.76%-19.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)837.19891.61949.561,011.291,077.021,147.021,181.44
Payout Ratio16.22%30.98%45.73%60.49%75.24%90.00%92.50%
Projected Dividends (M)135.80276.19434.26611.71810.391,032.321,092.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.28%8.28%8.28%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)252.68255.07257.47
Year 2 PV (M)363.47370.39377.38
Year 3 PV (M)468.40481.85495.55
Year 4 PV (M)567.71589.54612.00
Year 5 PV (M)661.61693.57726.75
PV of Terminal Value (M)13,266.7713,907.5614,572.87
Equity Value (M)15,580.6316,297.9717,042.01
Shares Outstanding (M)2,353.472,353.472,353.47
Fair Value$6.62$6.93$7.24
Upside / Downside-88.19%-87.64%-87.08%

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