Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Suzhou TZTEK Technology Co., Ltd (688003.SS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$107.97 - $127.21$119.21
Multi-Stage$73.83 - $81.04$77.36
Blended Fair Value$98.29
Current Price$58.06
Upside69.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%36.89%0.680.370.440.700.200.000.110.110.070.18
YoY Growth--82.27%-14.70%-37.97%250.05%0.00%-100.00%2.93%53.71%-61.09%525.27%
Dividend Yield--1.32%0.99%1.05%2.45%0.69%0.00%0.24%0.23%0.15%0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)123.19
(-) Cash Dividends Paid (M)10.84
(=) Cash Retained (M)112.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.6415.409.24
Cash Retained (M)112.35112.35112.35
(-) Cash Required (M)-24.64-15.40-9.24
(=) Excess Retained (M)87.7196.95103.11
(/) Shares Outstanding (M)192.59192.59192.59
(=) Excess Retained per Share0.460.500.54
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.460.500.54
(=) Adjusted Dividend0.510.560.59
WACC / Discount Rate2.11%2.11%2.11%
Growth Rate5.50%6.50%7.50%
Fair Value$107.97$119.21$127.21
Upside / Downside85.96%105.32%119.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)123.19131.20139.72148.81158.48168.78173.84
Payout Ratio8.80%25.04%41.28%57.52%73.76%90.00%92.50%
Projected Dividends (M)10.8432.8557.6885.59116.89151.90160.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.11%2.11%2.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)31.8732.1732.47
Year 2 PV (M)54.2855.3256.36
Year 3 PV (M)78.1580.4082.68
Year 4 PV (M)103.55107.53111.63
Year 5 PV (M)130.55136.85143.40
PV of Terminal Value (M)13,819.9314,487.4315,180.49
Equity Value (M)14,218.3314,899.7115,607.03
Shares Outstanding (M)192.59192.59192.59
Fair Value$73.83$77.36$81.04
Upside / Downside27.15%33.25%39.57%

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