Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wuxi Lead Intelligent Equipment CO.,LTD. (300450.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$93.66 - $110.35$103.41
Multi-Stage$63.77 - $70.00$66.83
Blended Fair Value$85.12
Current Price$62.22
Upside36.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.86%36.84%0.360.540.500.180.110.180.070.030.050.02
YoY Growth---32.88%7.57%181.47%66.10%-40.77%178.91%86.34%-27.67%118.84%39.95%
Dividend Yield--1.72%2.16%1.24%0.31%0.22%0.77%0.27%0.15%0.36%0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)863.95
(-) Cash Dividends Paid (M)152.24
(=) Cash Retained (M)711.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)172.79107.9964.80
Cash Retained (M)711.70711.70711.70
(-) Cash Required (M)-172.79-107.99-64.80
(=) Excess Retained (M)538.91603.71646.91
(/) Shares Outstanding (M)1,557.071,557.071,557.07
(=) Excess Retained per Share0.350.390.42
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.350.390.42
(=) Adjusted Dividend0.440.490.51
WACC / Discount Rate2.23%2.23%2.23%
Growth Rate5.50%6.50%7.50%
Fair Value$93.66$103.41$110.35
Upside / Downside50.53%66.20%77.35%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)863.95920.10979.911,043.601,111.441,183.681,219.19
Payout Ratio17.62%32.10%46.57%61.05%75.52%90.00%92.50%
Projected Dividends (M)152.24295.33456.37637.11839.411,065.311,127.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.23%2.23%2.23%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)286.18288.89291.61
Year 2 PV (M)428.54436.70444.94
Year 3 PV (M)579.71596.35613.31
Year 4 PV (M)740.13768.59797.87
Year 5 PV (M)910.22954.18999.83
PV of Terminal Value (M)96,356.68101,010.75105,842.93
Equity Value (M)99,301.46104,055.47108,990.49
Shares Outstanding (M)1,557.071,557.071,557.07
Fair Value$63.77$66.83$70.00
Upside / Downside2.50%7.41%12.50%

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