Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yealink Network Technology Co., Ltd. (300628.SZ)

Company Dividend Discount ModelIndustry: Communication EquipmentSector: Technology

Valuation Snapshot

Stable Growth$61.58 - $265.48$106.79
Multi-Stage$39.42 - $43.02$41.19
Blended Fair Value$73.99
Current Price$37.00
Upside99.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS39.42%35.46%1.501.420.570.460.430.280.190.110.060.09
YoY Growth--5.07%149.58%23.04%8.80%50.08%50.43%77.78%92.01%-36.87%21.85%
Dividend Yield--3.66%5.17%1.05%0.83%0.88%0.73%0.79%0.70%0.28%1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,541.34
(-) Cash Dividends Paid (M)1,641.20
(=) Cash Retained (M)900.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)508.27317.67190.60
Cash Retained (M)900.14900.14900.14
(-) Cash Required (M)-508.27-317.67-190.60
(=) Excess Retained (M)391.87582.47709.54
(/) Shares Outstanding (M)1,265.721,265.721,265.72
(=) Excess Retained per Share0.310.460.56
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share0.310.460.56
(=) Adjusted Dividend1.611.761.86
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate5.50%6.50%7.50%
Fair Value$61.58$106.79$265.48
Upside / Downside66.42%188.63%617.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,541.342,706.532,882.453,069.813,269.353,481.853,586.31
Payout Ratio64.58%69.66%74.75%79.83%84.92%90.00%92.50%
Projected Dividends (M)1,641.201,885.482,154.582,450.692,776.203,133.673,317.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.25%8.25%8.25%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,725.391,741.751,758.10
Year 2 PV (M)1,804.241,838.611,873.30
Year 3 PV (M)1,877.971,931.881,986.81
Year 4 PV (M)1,946.782,021.652,098.66
Year 5 PV (M)2,010.882,108.012,208.85
PV of Terminal Value (M)40,531.7642,489.4544,522.08
Equity Value (M)49,897.0352,131.3554,447.80
Shares Outstanding (M)1,265.721,265.721,265.72
Fair Value$39.42$41.19$43.02
Upside / Downside6.55%11.32%16.26%

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