Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

XiaMen HongXin Electron-tech Group Co.,Ltd (300657.SZ)

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

Valuation Snapshot

Stable Growth$26.92 - $31.71$29.72
Multi-Stage$19.38 - $21.27$20.31
Blended Fair Value$25.01
Current Price$33.17
Upside-24.59%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.89%0.10%0.070.080.090.140.120.100.120.090.060.05
YoY Growth---9.54%-8.32%-36.29%11.81%24.96%-18.65%29.40%63.05%12.55%-29.15%
Dividend Yield--0.21%0.42%0.60%1.28%0.95%0.73%0.88%0.73%1.74%1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)92.63
(-) Cash Dividends Paid (M)32.72
(=) Cash Retained (M)59.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.5311.586.95
Cash Retained (M)59.9159.9159.91
(-) Cash Required (M)-18.53-11.58-6.95
(=) Excess Retained (M)41.3848.3352.96
(/) Shares Outstanding (M)580.91580.91580.91
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate1.15%1.15%1.15%
Growth Rate5.50%6.50%7.50%
Fair Value$26.92$29.72$31.71
Upside / Downside-18.85%-10.40%-4.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)92.6398.65105.06111.89119.17126.91130.72
Payout Ratio35.33%46.26%57.20%68.13%79.07%90.00%92.50%
Projected Dividends (M)32.7245.6460.0976.2394.22114.22120.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.15%1.15%1.15%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)44.7045.1245.54
Year 2 PV (M)57.6458.7459.84
Year 3 PV (M)71.6173.6775.76
Year 4 PV (M)86.6890.0193.44
Year 5 PV (M)102.91107.88113.04
PV of Terminal Value (M)10,894.3711,420.5811,966.92
Equity Value (M)11,257.9111,795.9912,354.55
Shares Outstanding (M)580.91580.91580.91
Fair Value$19.38$20.31$21.27
Upside / Downside-41.57%-38.78%-35.88%

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