Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinlihua Electric Co., Ltd. (300069.SZ)

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

Valuation Snapshot

Stable Growth$31.94 - $37.67$35.28
Multi-Stage$19.88 - $21.91$20.87
Blended Fair Value$28.08
Current Price$19.08
Upside47.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.92%-12.14%0.020.020.040.050.050.060.060.070.090.08
YoY Growth--26.06%-51.80%-14.80%-3.30%-10.95%-5.26%-13.16%-25.05%7.51%-7.23%
Dividend Yield--0.15%0.17%0.29%0.25%0.38%0.38%0.46%0.24%0.24%0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)23.22
(-) Cash Dividends Paid (M)3.71
(=) Cash Retained (M)19.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.642.901.74
Cash Retained (M)19.5119.5119.51
(-) Cash Required (M)-4.64-2.90-1.74
(=) Excess Retained (M)14.8716.6117.77
(/) Shares Outstanding (M)117.22117.22117.22
(=) Excess Retained per Share0.130.140.15
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.130.140.15
(=) Adjusted Dividend0.160.170.18
WACC / Discount Rate0.35%0.35%0.35%
Growth Rate0.76%1.76%2.76%
Fair Value$31.94$35.28$37.67
Upside / Downside67.41%84.92%97.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)23.2223.6324.0524.4724.9025.3426.10
Payout Ratio15.98%30.79%45.59%60.39%75.20%90.00%92.50%
Projected Dividends (M)3.717.2810.9614.7818.7322.8124.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.35%0.35%0.35%
Growth Rate0.76%1.76%2.76%
Year 1 PV (M)7.187.257.32
Year 2 PV (M)10.6810.8911.10
Year 3 PV (M)14.2014.6315.06
Year 4 PV (M)17.7518.4719.21
Year 5 PV (M)21.3422.4223.54
PV of Terminal Value (M)2,258.802,373.132,492.04
Equity Value (M)2,329.942,446.782,568.28
Shares Outstanding (M)117.22117.22117.22
Fair Value$19.88$20.87$21.91
Upside / Downside4.17%9.40%14.83%

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