Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yes Optoelectronics (Group) Co., Ltd. (002952.SZ)

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

Valuation Snapshot

Stable Growth$13.52 - $15.93$14.93
Multi-Stage$11.00 - $12.07$11.52
Blended Fair Value$13.22
Current Price$19.16
Upside-30.98%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.47%93.80%0.420.360.130.320.280.320.000.240.350.09
YoY Growth--17.97%180.22%-60.23%15.38%-13.97%0.00%-100.00%-30.10%269.99%16,655.04%
Dividend Yield--2.15%1.25%0.68%2.39%1.87%2.16%0.00%1.54%2.20%0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)12.37
(-) Cash Dividends Paid (M)8.14
(=) Cash Retained (M)4.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.471.550.93
Cash Retained (M)4.234.234.23
(-) Cash Required (M)-2.47-1.55-0.93
(=) Excess Retained (M)1.762.693.30
(/) Shares Outstanding (M)154.49154.49154.49
(=) Excess Retained per Share0.010.020.02
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.010.020.02
(=) Adjusted Dividend0.060.070.07
WACC / Discount Rate-1.21%-1.21%-1.21%
Growth Rate5.50%6.50%7.50%
Fair Value$13.52$14.93$15.93
Upside / Downside-29.45%-22.10%-16.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)12.3713.1814.0314.9415.9216.9517.46
Payout Ratio65.79%70.63%75.48%80.32%85.16%90.00%92.50%
Projected Dividends (M)8.149.3110.5912.0013.5515.2616.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.21%-1.21%-1.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)9.339.429.51
Year 2 PV (M)10.6510.8511.06
Year 3 PV (M)12.1012.4512.80
Year 4 PV (M)13.7114.2314.77
Year 5 PV (M)15.4716.2216.99
PV of Terminal Value (M)1,637.561,716.651,798.77
Equity Value (M)1,698.821,779.821,863.91
Shares Outstanding (M)154.49154.49154.49
Fair Value$11.00$11.52$12.07
Upside / Downside-42.61%-39.87%-37.03%

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