Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Haiyan Power System Resources Environmental Technology Co.,Ltd. (688565.SS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$10.15 - $40.73$27.19
Multi-Stage$19.43 - $21.42$20.40
Blended Fair Value$23.80
Current Price$10.29
Upside131.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-18.16%9.00%0.030.040.160.010.050.070.010.010.000.01
YoY Growth---30.65%-75.20%974.12%-71.87%-29.33%1,032.17%-1.35%66.11%-68.91%11.75%
Dividend Yield--0.41%0.66%1.91%0.14%0.29%0.40%0.04%0.04%0.02%0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.46
(-) Cash Dividends Paid (M)2.61
(=) Cash Retained (M)29.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.494.062.43
Cash Retained (M)29.8529.8529.85
(-) Cash Required (M)-6.49-4.06-2.43
(=) Excess Retained (M)23.3625.7927.42
(/) Shares Outstanding (M)150.85150.85150.85
(=) Excess Retained per Share0.150.170.18
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.150.170.18
(=) Adjusted Dividend0.170.190.20
WACC / Discount Rate2.02%2.02%2.02%
Growth Rate0.32%1.32%2.32%
Fair Value$10.15$27.19$40.73
Upside / Downside-1.37%164.27%295.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.4632.8933.3233.7634.2134.6635.70
Payout Ratio8.03%24.42%40.82%57.21%73.61%90.00%92.50%
Projected Dividends (M)2.618.0313.6019.3125.1831.1933.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.02%2.02%2.02%
Growth Rate0.32%1.32%2.32%
Year 1 PV (M)7.797.877.95
Year 2 PV (M)12.8113.0713.33
Year 3 PV (M)17.6618.1918.73
Year 4 PV (M)22.3423.2424.17
Year 5 PV (M)26.8628.2229.64
PV of Terminal Value (M)2,842.942,987.493,137.86
Equity Value (M)2,930.403,078.083,231.68
Shares Outstanding (M)150.85150.85150.85
Fair Value$19.43$20.40$21.42
Upside / Downside88.78%98.30%108.19%

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