Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tsann Kuen (China) Enterprise Co., Ltd. (200512.SZ)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$1.83 - $2.58$2.20
Multi-Stage$3.60 - $3.95$3.77
Blended Fair Value$2.99
Current Price$3.08
Upside-3.07%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS47.51%3.29%0.270.130.110.150.100.040.080.120.100.16
YoY Growth--113.05%11.37%-23.43%50.32%155.74%-53.40%-31.56%21.50%-38.97%-16.33%
Dividend Yield--8.09%4.45%3.60%4.80%2.32%1.38%2.96%3.71%1.73%2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)54.79
(-) Cash Dividends Paid (M)41.03
(=) Cash Retained (M)13.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.966.854.11
Cash Retained (M)13.7613.7613.76
(-) Cash Required (M)-10.96-6.85-4.11
(=) Excess Retained (M)2.806.919.65
(/) Shares Outstanding (M)190.49190.49190.49
(=) Excess Retained per Share0.010.040.05
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share0.010.040.05
(=) Adjusted Dividend0.230.250.27
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate-3.65%-2.65%-1.65%
Fair Value$1.83$2.20$2.58
Upside / Downside-40.74%-28.63%-16.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)54.7953.3451.9350.5649.2247.9249.36
Payout Ratio74.88%77.91%80.93%83.95%86.98%90.00%92.50%
Projected Dividends (M)41.0341.5642.0342.4542.8143.1345.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate-3.65%-2.65%-1.65%
Year 1 PV (M)37.9138.3038.70
Year 2 PV (M)34.9735.7036.44
Year 3 PV (M)32.2233.2334.26
Year 4 PV (M)29.6430.8932.18
Year 5 PV (M)27.2428.6830.18
PV of Terminal Value (M)524.12551.89580.82
Equity Value (M)686.10718.69752.58
Shares Outstanding (M)190.49190.49190.49
Fair Value$3.60$3.77$3.95
Upside / Downside16.94%22.49%28.27%

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