Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dongfeng Electronic Technology Co.,Ltd. (600081.SS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$13.78 - $17.43$16.33
Multi-Stage$9.11 - $10.07$9.58
Blended Fair Value$12.95
Current Price$12.93
Upside0.19%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.55%-11.31%0.100.120.180.090.180.100.120.130.250.37
YoY Growth---13.40%-37.21%106.48%-51.52%78.71%-11.43%-9.32%-48.84%-32.15%11.08%
Dividend Yield--0.67%1.04%1.72%0.81%1.70%1.02%1.17%1.08%1.76%2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)52.39
(-) Cash Dividends Paid (M)21.88
(=) Cash Retained (M)30.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.486.553.93
Cash Retained (M)30.5130.5130.51
(-) Cash Required (M)-10.48-6.55-3.93
(=) Excess Retained (M)20.0323.9626.58
(/) Shares Outstanding (M)552.93552.93552.93
(=) Excess Retained per Share0.040.040.05
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share0.040.040.05
(=) Adjusted Dividend0.080.080.09
WACC / Discount Rate-2.01%-2.01%-2.01%
Growth Rate-2.55%-1.55%-0.55%
Fair Value$13.78$16.33$17.43
Upside / Downside6.55%26.26%34.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)52.3951.5850.7849.9949.2248.4649.91
Payout Ratio41.77%51.41%61.06%70.71%80.35%90.00%92.50%
Projected Dividends (M)21.8826.5231.0135.3539.5543.6146.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-2.01%-2.01%-2.01%
Growth Rate-2.55%-1.55%-0.55%
Year 1 PV (M)26.7927.0627.34
Year 2 PV (M)31.6432.2932.95
Year 3 PV (M)36.4437.5738.73
Year 4 PV (M)41.1942.9044.67
Year 5 PV (M)45.8848.2850.78
PV of Terminal Value (M)4,856.635,110.995,375.89
Equity Value (M)5,038.575,299.105,570.37
Shares Outstanding (M)552.93552.93552.93
Fair Value$9.11$9.58$10.07
Upside / Downside-29.52%-25.88%-22.09%

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