Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Rockchip Electronics Co., Ltd. (603893.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$89.05 - $481.20$174.36
Multi-Stage$49.71 - $54.41$52.01
Blended Fair Value$113.19
Current Price$225.55
Upside-49.82%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-2.06%0.200.250.840.490.340.000.050.090.000.00
YoY Growth---19.93%-70.55%70.23%44.43%0.00%-100.00%-46.34%0.00%-100.00%-98.15%
Dividend Yield--0.11%0.49%0.93%0.55%0.53%0.00%0.35%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,022.73
(-) Cash Dividends Paid (M)104.76
(=) Cash Retained (M)917.97
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)204.55127.8476.70
Cash Retained (M)917.97917.97917.97
(-) Cash Required (M)-204.55-127.84-76.70
(=) Excess Retained (M)713.43790.13841.27
(/) Shares Outstanding (M)422.69422.69422.69
(=) Excess Retained per Share1.691.871.99
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share1.691.871.99
(=) Adjusted Dividend1.942.122.24
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Fair Value$89.05$174.36$481.20
Upside / Downside-60.52%-22.69%113.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,022.731,089.211,160.011,235.411,315.711,401.231,443.27
Payout Ratio10.24%26.19%42.15%58.10%74.05%90.00%92.50%
Projected Dividends (M)104.76285.31488.89717.74974.261,261.111,335.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.79%7.79%7.79%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)262.20264.68267.17
Year 2 PV (M)412.89420.76428.70
Year 3 PV (M)557.06573.05589.34
Year 4 PV (M)694.90721.63749.11
Year 5 PV (M)826.63866.55908.01
PV of Terminal Value (M)18,256.9019,138.7120,054.28
Equity Value (M)21,010.5821,985.3822,996.61
Shares Outstanding (M)422.69422.69422.69
Fair Value$49.71$52.01$54.41
Upside / Downside-77.96%-76.94%-75.88%

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