Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dongfang Electronics Co., Ltd. (000682.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$95.41 - $112.41$105.34
Multi-Stage$65.24 - $71.61$68.36
Blended Fair Value$86.85
Current Price$12.03
Upside621.96%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS106.03%18.51%0.120.080.060.000.040.000.010.000.000.01
YoY Growth--54.52%22.43%2,217.65%-93.50%1,203.20%-39.24%142.97%-8.24%-61.78%-71.57%
Dividend Yield--1.19%0.81%0.75%0.04%0.87%0.07%0.08%0.05%0.05%0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)757.74
(-) Cash Dividends Paid (M)49.70
(=) Cash Retained (M)708.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)151.5594.7256.83
Cash Retained (M)708.04708.04708.04
(-) Cash Required (M)-151.55-94.72-56.83
(=) Excess Retained (M)556.49613.32651.21
(/) Shares Outstanding (M)1,340.641,340.641,340.64
(=) Excess Retained per Share0.420.460.49
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.420.460.49
(=) Adjusted Dividend0.450.490.52
WACC / Discount Rate2.10%2.10%2.10%
Growth Rate5.50%6.50%7.50%
Fair Value$95.41$105.34$112.41
Upside / Downside693.07%775.64%834.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)757.74806.99859.44915.31974.801,038.161,069.31
Payout Ratio6.56%23.25%39.94%56.62%73.31%90.00%92.50%
Projected Dividends (M)49.70187.60343.22518.28714.65934.35989.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.10%2.10%2.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)182.02183.75185.47
Year 2 PV (M)323.10329.25335.47
Year 3 PV (M)473.38486.96500.81
Year 4 PV (M)633.30657.66682.71
Year 5 PV (M)803.36842.16882.45
PV of Terminal Value (M)85,044.6689,152.3593,417.25
Equity Value (M)87,459.8291,652.1396,004.16
Shares Outstanding (M)1,340.641,340.641,340.64
Fair Value$65.24$68.36$71.61
Upside / Downside442.29%468.28%495.27%

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