Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

Ticker

Industry

Sector

Focus Lightings Tech Co., Ltd. (300708.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$7.30 - $19.96$11.27
Multi-Stage$5.10 - $5.56$5.32
Blended Fair Value$8.29
Current Price$8.99
Upside-7.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.92%21.14%0.150.050.050.050.100.080.070.030.020.02
YoY Growth--221.36%-2.91%-0.56%-52.36%24.23%14.78%174.65%12.87%34.08%-22.34%
Dividend Yield--1.30%0.51%0.46%0.36%0.92%1.21%1.00%0.17%1.04%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)209.04
(-) Cash Dividends Paid (M)102.95
(=) Cash Retained (M)106.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.8126.1315.68
Cash Retained (M)106.09106.09106.09
(-) Cash Required (M)-41.81-26.13-15.68
(=) Excess Retained (M)64.2879.9690.41
(/) Shares Outstanding (M)687.64687.64687.64
(=) Excess Retained per Share0.090.120.13
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.090.120.13
(=) Adjusted Dividend0.240.270.28
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate5.50%6.50%7.50%
Fair Value$7.30$11.27$19.96
Upside / Downside-18.80%25.31%121.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)209.04222.63237.10252.51268.92286.40295.00
Payout Ratio49.25%57.40%65.55%73.70%81.85%90.00%92.50%
Projected Dividends (M)102.95127.79155.42186.10220.11257.76272.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)116.12117.22118.32
Year 2 PV (M)128.33130.78133.24
Year 3 PV (M)139.64143.64147.73
Year 4 PV (M)150.08155.85161.79
Year 5 PV (M)159.70167.42175.42
PV of Terminal Value (M)2,810.802,946.563,087.52
Equity Value (M)3,504.673,661.473,824.02
Shares Outstanding (M)687.64687.64687.64
Fair Value$5.10$5.32$5.56
Upside / Downside-43.31%-40.77%-38.14%

High-Yield Dividend Screener

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