Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Dongri Limited Company (600113.SS)

Company Dividend Discount ModelIndustry: Industrial - DistributionSector: Industrials

Valuation Snapshot

Stable Growth$21.47 - $74.29$69.62
Multi-Stage$9.63 - $10.54$10.08
Blended Fair Value$39.85
Current Price$54.77
Upside-27.25%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS30.38%29.66%0.220.160.270.050.070.060.090.030.040.03
YoY Growth--38.55%-42.03%488.35%-31.48%16.34%-38.72%184.49%-5.98%28.44%69.32%
Dividend Yield--1.58%1.96%3.53%0.53%1.11%0.94%1.10%0.31%0.21%0.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)146.40
(-) Cash Dividends Paid (M)61.05
(=) Cash Retained (M)85.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.2818.3010.98
Cash Retained (M)85.3585.3585.35
(-) Cash Required (M)-29.28-18.30-10.98
(=) Excess Retained (M)56.0767.0574.37
(/) Shares Outstanding (M)391.95391.95391.95
(=) Excess Retained per Share0.140.170.19
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.140.170.19
(=) Adjusted Dividend0.300.330.35
WACC / Discount Rate6.97%6.97%6.97%
Growth Rate5.50%6.50%7.50%
Fair Value$21.47$69.62$74.29
Upside / Downside-60.79%27.11%35.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)146.40155.92166.05176.85188.34200.59206.60
Payout Ratio41.70%51.36%61.02%70.68%80.34%90.00%92.50%
Projected Dividends (M)61.0580.08101.33125.00151.32180.53191.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.97%6.97%6.97%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)74.1674.8675.57
Year 2 PV (M)86.9088.5690.23
Year 3 PV (M)99.28102.13105.03
Year 4 PV (M)111.30115.58119.98
Year 5 PV (M)122.97128.91135.07
PV of Terminal Value (M)3,280.563,439.023,603.53
Equity Value (M)3,775.163,949.044,129.41
Shares Outstanding (M)391.95391.95391.95
Fair Value$9.63$10.08$10.54
Upside / Downside-82.41%-81.60%-80.76%

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