Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PixArt Imaging Inc. (3227.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$104.84 - $155.71$129.11
Multi-Stage$195.80 - $215.31$205.36
Blended Fair Value$167.24
Current Price$229.50
Upside-27.13%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-1.38%0.00%4.505.858.778.054.774.820.000.000.000.00
YoY Growth---23.16%-33.26%8.92%68.64%-0.97%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%3.74%8.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,948.69
(-) Cash Dividends Paid (M)673.79
(=) Cash Retained (M)1,274.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)389.74243.59146.15
Cash Retained (M)1,274.901,274.901,274.90
(-) Cash Required (M)-389.74-243.59-146.15
(=) Excess Retained (M)885.161,031.321,128.75
(/) Shares Outstanding (M)149.80149.80149.80
(=) Excess Retained per Share5.916.887.53
LTM Dividend per Share4.504.504.50
(+) Excess Retained per Share5.916.887.53
(=) Adjusted Dividend10.4111.3812.03
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Fair Value$104.84$129.11$155.71
Upside / Downside-54.32%-43.74%-32.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,948.691,929.211,909.911,890.811,871.911,853.191,908.78
Payout Ratio34.58%45.66%56.75%67.83%78.92%90.00%92.50%
Projected Dividends (M)673.79880.901,083.801,282.551,477.221,667.871,765.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)809.45817.71825.97
Year 2 PV (M)915.11933.88952.85
Year 3 PV (M)995.091,025.871,057.27
Year 4 PV (M)1,053.171,096.821,141.81
Year 5 PV (M)1,092.641,149.541,208.78
PV of Terminal Value (M)24,465.8425,739.8327,066.35
Equity Value (M)29,331.3030,763.6532,253.02
Shares Outstanding (M)149.80149.80149.80
Fair Value$195.80$205.36$215.31
Upside / Downside-14.68%-10.52%-6.19%

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