Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Accelink Technologies Co,Ltd. (002281.SZ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$58.00 - $230.56$157.24
Multi-Stage$27.63 - $30.25$28.92
Blended Fair Value$93.08
Current Price$66.60
Upside39.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.85%15.26%0.240.170.150.150.150.150.140.130.130.13
YoY Growth--41.41%14.71%0.14%3.13%-0.09%3.19%8.52%-2.07%0.00%125.47%
Dividend Yield--0.53%0.42%0.58%0.83%0.65%0.46%0.44%0.45%0.55%0.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)916.28
(-) Cash Dividends Paid (M)127.11
(=) Cash Retained (M)789.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)183.26114.5468.72
Cash Retained (M)789.17789.17789.17
(-) Cash Required (M)-183.26-114.54-68.72
(=) Excess Retained (M)605.91674.63720.45
(/) Shares Outstanding (M)790.36790.36790.36
(=) Excess Retained per Share0.770.850.91
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.770.850.91
(=) Adjusted Dividend0.931.011.07
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate5.50%6.50%7.50%
Fair Value$58.00$157.24$230.56
Upside / Downside-12.92%136.10%246.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)916.28975.841,039.271,106.821,178.771,255.391,293.05
Payout Ratio13.87%29.10%44.32%59.55%74.77%90.00%92.50%
Projected Dividends (M)127.11283.95460.64659.10881.421,129.851,196.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.19%7.19%7.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)262.43264.91267.40
Year 2 PV (M)393.45400.94408.50
Year 3 PV (M)520.28535.21550.43
Year 4 PV (M)643.02667.75693.18
Year 5 PV (M)761.77798.56836.76
PV of Terminal Value (M)19,259.6920,189.9421,155.79
Equity Value (M)21,840.6222,857.3123,912.07
Shares Outstanding (M)790.36790.36790.36
Fair Value$27.63$28.92$30.25
Upside / Downside-58.51%-56.58%-54.57%

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