Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen H&T Intelligent Control Co., Ltd. (002402.SZ)

Company Dividend Discount ModelIndustry: Technology DistributorsSector: Technology

Valuation Snapshot

Stable Growth$21.32 - $104.11$37.92
Multi-Stage$12.79 - $13.99$13.38
Blended Fair Value$25.65
Current Price$49.83
Upside-48.52%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS27.66%19.82%0.200.170.120.120.070.060.030.000.050.02
YoY Growth--19.31%42.78%-0.92%65.08%21.69%105.02%3,086.94%-98.35%196.92%-43.73%
Dividend Yield--1.01%1.39%0.69%0.67%0.35%0.49%0.29%0.01%0.51%0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)611.83
(-) Cash Dividends Paid (M)113.23
(=) Cash Retained (M)498.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.3776.4845.89
Cash Retained (M)498.60498.60498.60
(-) Cash Required (M)-122.37-76.48-45.89
(=) Excess Retained (M)376.24422.12452.72
(/) Shares Outstanding (M)919.12919.12919.12
(=) Excess Retained per Share0.410.460.49
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.410.460.49
(=) Adjusted Dividend0.530.580.62
WACC / Discount Rate8.14%8.14%8.14%
Growth Rate5.50%6.50%7.50%
Fair Value$21.32$37.92$104.11
Upside / Downside-57.22%-23.90%108.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)611.83651.60693.95739.06787.10838.26863.41
Payout Ratio18.51%32.80%47.10%61.40%75.70%90.00%92.50%
Projected Dividends (M)113.23213.76326.88453.80595.84754.43798.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.14%8.14%8.14%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)195.82197.67199.53
Year 2 PV (M)274.32279.54284.81
Year 3 PV (M)348.87358.89369.09
Year 4 PV (M)419.63435.77452.36
Year 5 PV (M)486.73510.24534.65
PV of Terminal Value (M)10,032.6810,517.2611,020.39
Equity Value (M)11,758.0412,299.3712,860.84
Shares Outstanding (M)919.12919.12919.12
Fair Value$12.79$13.38$13.99
Upside / Downside-74.33%-73.15%-71.92%

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