Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Professional Computer Technology Limited (6270.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$11.68 - $17.83$14.56
Multi-Stage$25.64 - $28.17$26.88
Blended Fair Value$20.72
Current Price$22.40
Upside-7.50%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS34.17%0.00%1.002.102.001.201.300.230.970.500.500.00
YoY Growth---52.38%5.00%66.67%-7.69%465.23%-76.29%94.00%0.00%0.00%0.00%
Dividend Yield--4.35%8.83%8.64%4.78%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)94.85
(-) Cash Dividends Paid (M)72.15
(=) Cash Retained (M)22.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.9711.867.11
Cash Retained (M)22.7122.7122.71
(-) Cash Required (M)-18.97-11.86-7.11
(=) Excess Retained (M)3.7410.8515.59
(/) Shares Outstanding (M)72.2772.2772.27
(=) Excess Retained per Share0.050.150.22
LTM Dividend per Share1.001.001.00
(+) Excess Retained per Share0.050.150.22
(=) Adjusted Dividend1.051.151.21
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.68$14.56$17.83
Upside / Downside-47.85%-35.00%-20.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)94.8593.9092.9792.0491.1290.2092.91
Payout Ratio76.06%78.85%81.64%84.42%87.21%90.00%92.50%
Projected Dividends (M)72.1574.0475.8977.7079.4681.1885.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)68.6269.3270.02
Year 2 PV (M)65.1966.5367.88
Year 3 PV (M)61.8663.7765.72
Year 4 PV (M)58.6361.0663.56
Year 5 PV (M)55.5158.4161.42
PV of Terminal Value (M)1,543.301,623.671,707.34
Equity Value (M)1,853.121,942.752,035.94
Shares Outstanding (M)72.2772.2772.27
Fair Value$25.64$26.88$28.17
Upside / Downside14.46%20.00%25.76%

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