Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pinming Technology Co., Ltd. (688109.SS)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$5.24 - $7.52$6.36
Multi-Stage$8.58 - $9.41$8.99
Blended Fair Value$7.67
Current Price$100.60
Upside-92.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.50%0.00%0.260.000.370.480.220.280.170.000.220.00
YoY Growth--0.00%-100.00%-23.07%112.25%-19.67%69.44%0.00%-100.00%0.00%0.00%
Dividend Yield--0.98%0.00%1.43%1.70%0.42%0.45%0.27%0.00%0.36%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)66.73
(-) Cash Dividends Paid (M)29.46
(=) Cash Retained (M)37.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.358.345.00
Cash Retained (M)37.2637.2637.26
(-) Cash Required (M)-13.35-8.34-5.00
(=) Excess Retained (M)23.9228.9232.26
(/) Shares Outstanding (M)88.8588.8588.85
(=) Excess Retained per Share0.270.330.36
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share0.270.330.36
(=) Adjusted Dividend0.600.660.69
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.24$6.36$7.52
Upside / Downside-94.79%-93.68%-92.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)66.7366.0665.4064.7564.1063.4665.36
Payout Ratio44.16%53.33%62.49%71.66%80.83%90.00%92.50%
Projected Dividends (M)29.4635.2340.8746.4051.8157.1160.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.23%9.23%9.23%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)31.9232.2532.58
Year 2 PV (M)33.5634.2534.95
Year 3 PV (M)34.5335.6036.69
Year 4 PV (M)34.9436.3937.88
Year 5 PV (M)34.9136.7238.62
PV of Terminal Value (M)592.71623.57655.71
Equity Value (M)762.58798.79836.42
Shares Outstanding (M)88.8588.8588.85
Fair Value$8.58$8.99$9.41
Upside / Downside-91.47%-91.06%-90.64%

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