Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ways Electron Co.,Ltd. (605218.SS)

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

Valuation Snapshot

Stable Growth$12.85 - $42.67$39.96
Multi-Stage$21.16 - $23.39$22.25
Blended Fair Value$31.11
Current Price$21.36
Upside45.63%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS113.06%0.00%0.140.240.050.120.000.000.830.710.100.00
YoY Growth---43.31%376.48%-58.23%0.00%-100.00%-99.63%16.87%584.65%0.00%0.00%
Dividend Yield--0.63%1.14%0.31%0.91%0.00%0.02%5.28%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)48.90
(-) Cash Dividends Paid (M)11.71
(=) Cash Retained (M)37.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.786.113.67
Cash Retained (M)37.1937.1937.19
(-) Cash Required (M)-9.78-6.11-3.67
(=) Excess Retained (M)27.4131.0833.52
(/) Shares Outstanding (M)211.99211.99211.99
(=) Excess Retained per Share0.130.150.16
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.130.150.16
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate-0.59%-0.59%-0.59%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.85$39.96$42.67
Upside / Downside-39.83%87.09%99.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)48.9048.4147.9247.4446.9746.5047.90
Payout Ratio23.94%37.15%50.37%63.58%76.79%90.00%92.50%
Projected Dividends (M)11.7117.9924.1430.1636.0741.8544.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.59%-0.59%-0.59%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.9118.0918.28
Year 2 PV (M)23.9424.4324.92
Year 3 PV (M)29.7930.7131.65
Year 4 PV (M)35.4736.9438.45
Year 5 PV (M)40.9843.1145.34
PV of Terminal Value (M)4,338.174,564.074,799.28
Equity Value (M)4,486.254,717.354,957.91
Shares Outstanding (M)211.99211.99211.99
Fair Value$21.16$22.25$23.39
Upside / Downside-0.92%4.18%9.49%

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