Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

PixArt Imaging Inc. (3227.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$85.80 - $121.71$103.51
Multi-Stage$132.06 - $144.84$138.33
Blended Fair Value$120.92
Current Price$229.50
Upside-47.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-1.38%0.00%4.505.858.778.054.774.820.000.000.000.00
YoY Growth---23.16%-33.26%8.92%68.64%-0.97%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.02%3.74%8.12%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)1,948.69
(-) Cash Dividends Paid (M)673.79
(=) Cash Retained (M)1,274.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)389.74243.59146.15
Cash Retained (M)1,274.901,274.901,274.90
(-) Cash Required (M)-389.74-243.59-146.15
(=) Excess Retained (M)885.161,031.321,128.75
(/) Shares Outstanding (M)149.80149.80149.80
(=) Excess Retained per Share5.916.887.53
LTM Dividend per Share4.504.504.50
(+) Excess Retained per Share5.916.887.53
(=) Adjusted Dividend10.4111.3812.03
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate-2.00%-1.00%0.00%
Fair Value$85.80$103.51$121.71
Upside / Downside-62.61%-54.90%-46.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,948.691,929.211,909.911,890.811,871.911,853.191,908.78
Payout Ratio34.58%45.66%56.75%67.83%78.92%90.00%92.50%
Projected Dividends (M)673.79880.901,083.801,282.551,477.221,667.871,765.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.89%9.89%9.89%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)793.55801.64809.74
Year 2 PV (M)879.51897.55915.78
Year 3 PV (M)937.59966.59996.18
Year 4 PV (M)972.821,013.141,054.70
Year 5 PV (M)989.451,040.981,094.62
PV of Terminal Value (M)15,210.2116,002.2416,826.93
Equity Value (M)19,783.1320,722.1421,697.94
Shares Outstanding (M)149.80149.80149.80
Fair Value$132.06$138.33$144.84
Upside / Downside-42.46%-39.73%-36.89%

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