Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fuzetec Technology Co., Ltd. (6642.TWO)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$18.74 - $27.02$22.77
Multi-Stage$33.41 - $36.53$34.94
Blended Fair Value$28.86
Current Price$57.30
Upside-49.64%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-5.23%0.00%1.503.603.601.511.261.960.000.000.000.00
YoY Growth---58.33%0.00%138.22%20.00%-35.81%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.43%6.08%6.84%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)98.49
(-) Cash Dividends Paid (M)93.50
(=) Cash Retained (M)4.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)19.7012.317.39
Cash Retained (M)4.994.994.99
(-) Cash Required (M)-19.70-12.31-7.39
(=) Excess Retained (M)-14.71-7.32-2.40
(/) Shares Outstanding (M)37.4237.4237.42
(=) Excess Retained per Share-0.39-0.20-0.06
LTM Dividend per Share2.502.502.50
(+) Excess Retained per Share-0.39-0.20-0.06
(=) Adjusted Dividend2.112.302.43
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate-2.00%-1.00%0.00%
Fair Value$18.74$22.77$27.02
Upside / Downside-67.30%-60.26%-52.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)98.4997.5196.5395.5694.6193.6696.47
Payout Ratio94.93%93.95%92.96%91.97%90.99%90.00%92.50%
Projected Dividends (M)93.5091.6089.7387.8986.0884.3089.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)83.1884.0384.88
Year 2 PV (M)73.9975.5177.04
Year 3 PV (M)65.8167.8569.92
Year 4 PV (M)58.5360.9663.46
Year 5 PV (M)52.0554.7657.58
PV of Terminal Value (M)916.43964.151,013.84
Equity Value (M)1,249.991,307.251,366.72
Shares Outstanding (M)37.4237.4237.42
Fair Value$33.41$34.94$36.53
Upside / Downside-41.70%-39.03%-36.25%

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