Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PAX Global Technology Limited (0327.HK)

Company Dividend Discount ModelIndustry: Business Equipment & SuppliesSector: Industrials

Valuation Snapshot

Stable Growth$242.65 - $286.06$268.00
Multi-Stage$147.84 - $162.66$155.11
Blended Fair Value$211.55
Current Price$6.05
Upside3,396.75%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS41.61%0.00%0.460.400.320.320.130.080.080.080.060.02
YoY Growth--16.53%24.58%-1.58%149.18%59.98%0.00%-1.17%32.82%201.62%0.00%
Dividend Yield--8.61%6.65%4.72%5.86%1.89%2.22%2.87%2.30%1.20%0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,608.83
(-) Cash Dividends Paid (M)992.08
(=) Cash Retained (M)616.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)321.77201.10120.66
Cash Retained (M)616.75616.75616.75
(-) Cash Required (M)-321.77-201.10-120.66
(=) Excess Retained (M)294.98415.64496.08
(/) Shares Outstanding (M)1,083.961,083.961,083.96
(=) Excess Retained per Share0.270.380.46
LTM Dividend per Share0.920.920.92
(+) Excess Retained per Share0.270.380.46
(=) Adjusted Dividend1.191.301.37
WACC / Discount Rate2.10%2.10%2.10%
Growth Rate2.18%3.18%4.18%
Fair Value$242.65$268.00$286.06
Upside / Downside3,910.75%4,329.69%4,628.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,608.831,659.981,712.771,767.231,823.421,881.401,937.84
Payout Ratio61.66%67.33%73.00%78.67%84.33%90.00%92.50%
Projected Dividends (M)992.081,117.701,250.301,390.211,537.741,693.261,792.50

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.10%2.10%2.10%
Growth Rate2.18%3.18%4.18%
Year 1 PV (M)1,084.141,094.751,105.36
Year 2 PV (M)1,176.351,199.491,222.85
Year 3 PV (M)1,268.721,306.331,344.68
Year 4 PV (M)1,361.231,415.301,470.97
Year 5 PV (M)1,453.891,526.441,601.86
PV of Terminal Value (M)153,910.79161,591.02169,574.85
Equity Value (M)160,255.12168,133.34176,320.58
Shares Outstanding (M)1,083.961,083.961,083.96
Fair Value$147.84$155.11$162.66
Upside / Downside2,343.68%2,463.81%2,588.65%

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