Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ningbo Yongxin Optics Co.,Ltd (603297.SS)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$141.84 - $392.73$368.05
Multi-Stage$55.26 - $60.46$57.81
Blended Fair Value$212.93
Current Price$112.55
Upside89.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.74%15.52%0.970.990.920.540.430.380.200.190.650.55
YoY Growth---2.22%8.30%70.17%24.22%14.64%87.86%4.18%-70.44%19.81%138.00%
Dividend Yield--1.12%1.20%1.05%0.51%0.99%1.18%0.46%0.67%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)219.37
(-) Cash Dividends Paid (M)96.60
(=) Cash Retained (M)122.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.8727.4216.45
Cash Retained (M)122.77122.77122.77
(-) Cash Required (M)-43.87-27.42-16.45
(=) Excess Retained (M)78.8995.35106.31
(/) Shares Outstanding (M)111.08111.08111.08
(=) Excess Retained per Share0.710.860.96
LTM Dividend per Share0.870.870.87
(+) Excess Retained per Share0.710.860.96
(=) Adjusted Dividend1.581.731.83
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Fair Value$141.84$368.05$392.73
Upside / Downside26.02%227.01%248.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)219.37233.62248.81264.98282.21300.55309.57
Payout Ratio44.04%53.23%62.42%71.61%80.81%90.00%92.50%
Projected Dividends (M)96.60124.36155.31189.77228.04270.50286.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)115.48116.57117.67
Year 2 PV (M)133.93136.48139.06
Year 3 PV (M)151.96156.33160.77
Year 4 PV (M)169.58176.10182.81
Year 5 PV (M)186.79195.81205.18
PV of Terminal Value (M)5,380.555,640.445,910.27
Equity Value (M)6,138.306,421.746,715.75
Shares Outstanding (M)111.08111.08111.08
Fair Value$55.26$57.81$60.46
Upside / Downside-50.90%-48.64%-46.29%

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