Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Anji Microelectronics Technology (Shanghai) Co., Ltd. (688019.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$38.27 - $57.38$47.32
Multi-Stage$72.54 - $79.92$76.16
Blended Fair Value$61.74
Current Price$228.44
Upside-72.97%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%0.240.210.110.100.120.000.000.000.000.00
YoY Growth--14.51%96.94%6.54%-18.97%0.00%0.00%0.00%-100.00%0.00%0.00%
Dividend Yield--0.19%0.25%0.11%0.11%0.20%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)749.40
(-) Cash Dividends Paid (M)61.77
(=) Cash Retained (M)687.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)149.8893.6756.20
Cash Retained (M)687.63687.63687.63
(-) Cash Required (M)-149.88-93.67-56.20
(=) Excess Retained (M)537.75593.95631.42
(/) Shares Outstanding (M)163.60163.60163.60
(=) Excess Retained per Share3.293.633.86
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share3.293.633.86
(=) Adjusted Dividend3.664.014.24
WACC / Discount Rate7.38%7.38%7.38%
Growth Rate-2.00%-1.00%0.00%
Fair Value$38.27$47.32$57.38
Upside / Downside-83.25%-79.28%-74.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)749.40741.90734.48727.14719.87712.67734.05
Payout Ratio8.24%24.59%40.95%57.30%73.65%90.00%92.50%
Projected Dividends (M)61.77182.46300.74416.63530.17641.40679.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.38%7.38%7.38%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)168.20169.92171.63
Year 2 PV (M)255.56260.80266.09
Year 3 PV (M)326.36336.45346.75
Year 4 PV (M)382.84398.70415.06
Year 5 PV (M)426.95449.18472.33
PV of Terminal Value (M)10,308.4410,845.2211,404.14
Equity Value (M)11,868.3412,460.2813,076.01
Shares Outstanding (M)163.60163.60163.60
Fair Value$72.54$76.16$79.92
Upside / Downside-68.24%-66.66%-65.01%

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