Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fibocom Wireless Inc. (300638.SZ)

Company Dividend Discount ModelIndustry: Communication EquipmentSector: Technology

Valuation Snapshot

Stable Growth$10.80 - $31.03$16.92
Multi-Stage$7.12 - $7.79$7.45
Blended Fair Value$12.18
Current Price$30.37
Upside-59.89%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS61.69%70.11%0.440.080.110.090.080.040.010.000.010.02
YoY Growth--430.34%-23.76%14.12%20.08%99.48%202.97%1,229.79%-92.48%-33.33%809.09%
Dividend Yield--1.35%0.46%0.55%0.46%0.46%0.33%0.12%0.02%0.60%0.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)332.22
(-) Cash Dividends Paid (M)34.21
(=) Cash Retained (M)298.01
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.4441.5324.92
Cash Retained (M)298.01298.01298.01
(-) Cash Required (M)-66.44-41.53-24.92
(=) Excess Retained (M)231.57256.49273.10
(/) Shares Outstanding (M)765.49765.49765.49
(=) Excess Retained per Share0.300.340.36
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.300.340.36
(=) Adjusted Dividend0.350.380.40
WACC / Discount Rate8.89%8.89%8.89%
Growth Rate5.50%6.50%7.50%
Fair Value$10.80$16.92$31.03
Upside / Downside-64.43%-44.30%2.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)332.22353.81376.81401.30427.39455.17468.82
Payout Ratio10.30%26.24%42.18%58.12%74.06%90.00%92.50%
Projected Dividends (M)34.2192.83158.93233.23316.52409.65433.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.89%8.89%8.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)84.4585.2586.05
Year 2 PV (M)131.53134.04136.57
Year 3 PV (M)175.60180.64185.78
Year 4 PV (M)216.79225.13233.71
Year 5 PV (M)255.25267.58280.38
PV of Terminal Value (M)4,587.074,808.635,038.67
Equity Value (M)5,450.715,701.285,961.15
Shares Outstanding (M)765.49765.49765.49
Fair Value$7.12$7.45$7.79
Upside / Downside-76.55%-75.48%-74.36%

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