Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

VSTECS Holdings Limited (0856.HK)

Company Dividend Discount ModelIndustry: Technology DistributorsSector: Technology

Valuation Snapshot

Stable Growth$131.01 - $295.66$277.08
Multi-Stage$44.42 - $48.60$46.47
Blended Fair Value$161.77
Current Price$7.77
Upside1,982.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS10.82%11.94%0.260.180.280.230.170.160.150.130.130.13
YoY Growth--49.71%-37.22%22.73%32.06%9.73%2.66%19.28%0.03%0.19%50.60%
Dividend Yield--5.07%4.00%6.23%3.13%2.72%3.94%4.05%2.78%4.73%6.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,082.40
(-) Cash Dividends Paid (M)983.66
(=) Cash Retained (M)1,098.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)416.48260.30156.18
Cash Retained (M)1,098.751,098.751,098.75
(-) Cash Required (M)-416.48-260.30-156.18
(=) Excess Retained (M)682.27838.45942.57
(/) Shares Outstanding (M)1,400.721,400.721,400.72
(=) Excess Retained per Share0.490.600.67
LTM Dividend per Share0.700.700.70
(+) Excess Retained per Share0.490.600.67
(=) Adjusted Dividend1.191.301.38
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate5.50%6.50%7.50%
Fair Value$131.01$277.08$295.66
Upside / Downside1,586.15%3,465.99%3,705.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,082.402,217.762,361.912,515.442,678.942,853.072,938.66
Payout Ratio47.24%55.79%64.34%72.89%81.45%90.00%92.50%
Projected Dividends (M)983.661,237.271,519.701,833.622,181.932,567.772,718.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.46%6.46%6.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,151.311,162.221,173.13
Year 2 PV (M)1,315.861,340.921,366.22
Year 3 PV (M)1,477.361,519.771,562.98
Year 4 PV (M)1,635.851,698.761,763.46
Year 5 PV (M)1,791.361,877.891,967.72
PV of Terminal Value (M)54,844.1957,493.1860,243.56
Equity Value (M)62,215.9265,092.7468,077.09
Shares Outstanding (M)1,400.721,400.721,400.72
Fair Value$44.42$46.47$48.60
Upside / Downside471.65%498.08%525.50%

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