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ACM Research, Inc. (ACMR)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$12.29 - $17.68$14.92
Multi-Stage$19.11 - $21.03$20.05
Blended Fair Value$17.48
Current Price$39.13
Upside-55.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.100.060.000.000.000.000.000.000.000.00
YoY Growth--74.64%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.44%0.19%0.00%0.00%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)117.11
(-) Cash Dividends Paid (M)0.73
(=) Cash Retained (M)116.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.4214.648.78
Cash Retained (M)116.38116.38116.38
(-) Cash Required (M)-23.42-14.64-8.78
(=) Excess Retained (M)92.96101.74107.59
(/) Shares Outstanding (M)67.3467.3467.34
(=) Excess Retained per Share1.381.511.60
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share1.381.511.60
(=) Adjusted Dividend1.391.521.61
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.29$14.92$17.68
Upside / Downside-68.60%-61.87%-54.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)117.11115.94114.78113.63112.49111.37114.71
Payout Ratio0.62%18.50%36.37%54.25%72.12%90.00%92.50%
Projected Dividends (M)0.7321.4541.7561.6481.14100.23106.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)19.4619.6619.86
Year 2 PV (M)34.3735.0835.79
Year 3 PV (M)46.0547.4748.93
Year 4 PV (M)54.9957.2759.62
Year 5 PV (M)61.6464.8568.19
PV of Terminal Value (M)1,070.111,125.831,183.85
Equity Value (M)1,286.631,350.171,416.24
Shares Outstanding (M)67.3467.3467.34
Fair Value$19.11$20.05$21.03
Upside / Downside-51.17%-48.76%-46.25%

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