Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenglan Technology Co., Ltd. (300843.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$118.14 - $139.25$130.47
Multi-Stage$73.67 - $81.04$77.28
Blended Fair Value$103.87
Current Price$56.24
Upside84.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS138.49%0.00%0.110.060.070.140.000.000.000.000.000.00
YoY Growth--72.46%-6.04%-49.79%4,266.93%117.12%-7.20%0.00%-100.00%0.00%0.00%
Dividend Yield--0.36%0.29%0.32%0.64%0.01%0.01%0.01%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)117.97
(-) Cash Dividends Paid (M)22.71
(=) Cash Retained (M)95.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.5914.758.85
Cash Retained (M)95.2695.2695.26
(-) Cash Required (M)-23.59-14.75-8.85
(=) Excess Retained (M)71.6680.5186.41
(/) Shares Outstanding (M)164.49164.49164.49
(=) Excess Retained per Share0.440.490.53
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.440.490.53
(=) Adjusted Dividend0.570.630.66
WACC / Discount Rate2.05%2.05%2.05%
Growth Rate2.95%3.95%4.95%
Fair Value$118.14$130.47$139.25
Upside / Downside110.06%131.98%147.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)117.97122.63127.47132.51137.74143.19147.48
Payout Ratio19.25%33.40%47.55%61.70%75.85%90.00%92.50%
Projected Dividends (M)22.7140.9660.6281.76104.48128.87136.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.05%2.05%2.05%
Growth Rate2.95%3.95%4.95%
Year 1 PV (M)39.7540.1440.52
Year 2 PV (M)57.0958.2059.33
Year 3 PV (M)74.7276.9279.16
Year 4 PV (M)92.6796.32100.08
Year 5 PV (M)110.92116.42122.12
PV of Terminal Value (M)11,742.3812,323.8612,928.15
Equity Value (M)12,117.5412,711.8613,329.37
Shares Outstanding (M)164.49164.49164.49
Fair Value$73.67$77.28$81.04
Upside / Downside30.99%37.41%44.09%

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