Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Professional Computer Technology Limited (6270.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$11.82 - $18.10$14.75
Multi-Stage$26.34 - $28.94$27.61
Blended Fair Value$21.18
Current Price$22.40
Upside-5.44%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS34.17%0.00%1.002.102.001.201.300.230.970.500.500.00
YoY Growth---52.38%5.00%66.67%-7.69%465.23%-76.29%94.00%0.00%0.00%0.00%
Dividend Yield--4.35%8.83%8.64%4.78%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)94.85
(-) Cash Dividends Paid (M)72.15
(=) Cash Retained (M)22.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.9711.867.11
Cash Retained (M)22.7122.7122.71
(-) Cash Required (M)-18.97-11.86-7.11
(=) Excess Retained (M)3.7410.8515.59
(/) Shares Outstanding (M)72.2772.2772.27
(=) Excess Retained per Share0.050.150.22
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share0.050.150.22
(=) Adjusted Dividend1.051.151.21
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.82$14.75$18.10
Upside / Downside-47.24%-34.15%-19.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)94.8593.9092.9792.0491.1290.2092.91
Payout Ratio76.06%78.85%81.64%84.42%87.21%90.00%92.50%
Projected Dividends (M)72.1574.0475.8977.7079.4681.1885.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)68.6969.3970.09
Year 2 PV (M)65.3166.6568.01
Year 3 PV (M)62.0363.9565.91
Year 4 PV (M)58.8561.2963.81
Year 5 PV (M)55.7858.6861.71
PV of Terminal Value (M)1,592.881,675.821,762.19
Equity Value (M)1,903.541,995.792,091.70
Shares Outstanding (M)72.2772.2772.27
Fair Value$26.34$27.61$28.94
Upside / Downside17.58%23.28%29.20%

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