Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Zhongjian Technology Co.,Ltd (002779.SZ)

Company Dividend Discount ModelIndustry: Manufacturing - Tools & AccessoriesSector: Industrials

Valuation Snapshot

Stable Growth$10.32 - $38.33$17.30
Multi-Stage$6.57 - $7.18$6.87
Blended Fair Value$12.09
Current Price$129.40
Upside-90.66%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS53.69%0.00%0.150.040.020.000.010.020.040.060.080.00
YoY Growth--267.49%110.00%371.08%-64.62%-33.33%-50.00%-34.55%-28.26%0.00%0.00%
Dividend Yield--0.22%0.16%0.11%0.02%0.16%0.16%0.26%0.42%0.29%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)47.28
(-) Cash Dividends Paid (M)15.09
(=) Cash Retained (M)32.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.465.913.55
Cash Retained (M)32.1832.1832.18
(-) Cash Required (M)-9.46-5.91-3.55
(=) Excess Retained (M)22.7326.2728.64
(/) Shares Outstanding (M)131.99131.99131.99
(=) Excess Retained per Share0.170.200.22
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.170.200.22
(=) Adjusted Dividend0.290.310.33
WACC / Discount Rate8.43%8.43%8.43%
Growth Rate5.50%6.50%7.50%
Fair Value$10.32$17.30$38.33
Upside / Downside-92.02%-86.63%-70.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)47.2850.3553.6257.1160.8264.7766.72
Payout Ratio31.92%43.54%55.15%66.77%78.38%90.00%92.50%
Projected Dividends (M)15.0921.9229.5838.1347.6758.3061.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.43%8.43%8.43%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)20.0320.2220.41
Year 2 PV (M)24.6925.1625.63
Year 3 PV (M)29.0829.9130.76
Year 4 PV (M)33.2134.4935.80
Year 5 PV (M)37.1038.9040.76
PV of Terminal Value (M)723.47758.42794.70
Equity Value (M)867.58907.09948.06
Shares Outstanding (M)131.99131.99131.99
Fair Value$6.57$6.87$7.18
Upside / Downside-94.92%-94.69%-94.45%

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