Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Changchun UP Optotech Co.,Ltd. (002338.SZ)

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

Valuation Snapshot

Stable Growth$8.51 - $49.61$15.77
Multi-Stage$5.84 - $6.40$6.11
Blended Fair Value$10.94
Current Price$57.65
Upside-81.02%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.02%-6.71%0.070.040.050.080.050.050.030.110.090.15
YoY Growth--85.30%-19.82%-43.57%58.77%0.65%66.88%-72.94%26.81%-39.12%6.92%
Dividend Yield--0.15%0.12%0.17%0.44%0.30%0.38%0.19%0.84%0.38%0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)59.07
(-) Cash Dividends Paid (M)18.59
(=) Cash Retained (M)40.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.817.384.43
Cash Retained (M)40.4940.4940.49
(-) Cash Required (M)-11.81-7.38-4.43
(=) Excess Retained (M)28.6733.1036.06
(/) Shares Outstanding (M)235.12235.12235.12
(=) Excess Retained per Share0.120.140.15
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.120.140.15
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate4.73%5.73%6.73%
Fair Value$8.51$15.77$49.61
Upside / Downside-85.24%-72.65%-13.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)59.0762.4666.0469.8273.8278.0580.39
Payout Ratio31.46%43.17%54.88%66.58%78.29%90.00%92.50%
Projected Dividends (M)18.5926.9636.2446.4957.7970.2474.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate4.73%5.73%6.73%
Year 1 PV (M)24.9125.1525.39
Year 2 PV (M)30.9431.5332.13
Year 3 PV (M)36.6737.7338.81
Year 4 PV (M)42.1343.7645.44
Year 5 PV (M)47.3149.6152.00
PV of Terminal Value (M)1,191.591,249.581,309.80
Equity Value (M)1,373.551,437.361,503.57
Shares Outstanding (M)235.12235.12235.12
Fair Value$5.84$6.11$6.40
Upside / Downside-89.87%-89.40%-88.91%

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