Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sidea Semiconductor Eqpmnt Shnzhn Co Ltd (301629.SZ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$14.02 - $21.53$17.52
Multi-Stage$31.61 - $34.74$33.15
Blended Fair Value$25.34
Current Price$214.50
Upside-88.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.000.280.400.190.120.000.000.000.000.00
YoY Growth---100.00%-29.63%107.69%62.50%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.18%0.25%0.12%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)52.17
(-) Cash Dividends Paid (M)39.97
(=) Cash Retained (M)12.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.436.523.91
Cash Retained (M)12.2012.2012.20
(-) Cash Required (M)-10.43-6.52-3.91
(=) Excess Retained (M)1.775.688.29
(/) Shares Outstanding (M)33.7733.7733.77
(=) Excess Retained per Share0.050.170.25
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share0.050.170.25
(=) Adjusted Dividend1.241.351.43
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-2.00%-1.00%0.00%
Fair Value$14.02$17.52$21.53
Upside / Downside-93.46%-91.83%-89.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)52.1751.6551.1450.6350.1249.6251.11
Payout Ratio76.62%79.29%81.97%84.65%87.32%90.00%92.50%
Projected Dividends (M)39.9740.9641.9242.8543.7744.6647.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.64%6.64%6.64%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)38.0238.4138.80
Year 2 PV (M)36.1236.8637.61
Year 3 PV (M)34.2835.3436.42
Year 4 PV (M)32.5033.8535.23
Year 5 PV (M)30.7832.3834.05
PV of Terminal Value (M)895.96942.61991.19
Equity Value (M)1,067.661,119.451,173.30
Shares Outstanding (M)33.7733.7733.77
Fair Value$31.61$33.15$34.74
Upside / Downside-85.26%-84.55%-83.80%

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