Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Foxconn Industrial Internet Co., Ltd. (601138.SS)

Company Dividend Discount ModelIndustry: Communication EquipmentSector: Technology

Valuation Snapshot

Stable Growth$43.30 - $155.60$72.01
Multi-Stage$29.86 - $32.70$31.25
Blended Fair Value$51.63
Current Price$66.01
Upside-21.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS40.13%0.00%0.690.670.500.250.200.130.040.100.020.02
YoY Growth--4.25%34.14%99.14%24.97%55.25%266.60%-64.33%431.92%-23.48%0.00%
Dividend Yield--3.50%2.86%2.89%2.46%1.39%0.97%0.23%0.50%0.09%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)30,553.26
(-) Cash Dividends Paid (M)1,600.88
(=) Cash Retained (M)28,952.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,110.653,819.162,291.49
Cash Retained (M)28,952.3828,952.3828,952.38
(-) Cash Required (M)-6,110.65-3,819.16-2,291.49
(=) Excess Retained (M)22,841.7325,133.2226,660.88
(/) Shares Outstanding (M)19,902.3719,902.3719,902.37
(=) Excess Retained per Share1.151.261.34
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share1.151.261.34
(=) Adjusted Dividend1.231.341.42
WACC / Discount Rate7.90%7.90%7.90%
Growth Rate4.92%5.92%6.92%
Fair Value$43.30$72.01$155.60
Upside / Downside-34.40%9.09%135.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)30,553.2632,362.8734,279.6636,309.9738,460.5440,738.4841,960.63
Payout Ratio5.24%22.19%39.14%56.10%73.05%90.00%92.50%
Projected Dividends (M)1,600.887,181.8713,418.3520,368.3928,094.6236,664.6338,813.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.90%7.90%7.90%
Growth Rate4.92%5.92%6.92%
Year 1 PV (M)6,593.306,656.136,718.97
Year 2 PV (M)11,309.1211,525.7111,744.37
Year 3 PV (M)15,759.8016,214.7216,678.31
Year 4 PV (M)19,956.3920,728.1421,522.06
Year 5 PV (M)23,909.5225,070.8326,276.83
PV of Terminal Value (M)516,698.56541,795.20567,857.68
Equity Value (M)594,226.68621,990.74650,798.23
Shares Outstanding (M)19,902.3719,902.3719,902.37
Fair Value$29.86$31.25$32.70
Upside / Downside-54.77%-52.66%-50.46%

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