Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Triangle Tyre Co., Ltd (601163.SS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$10.63 - $16.45$13.33
Multi-Stage$18.41 - $20.27$19.32
Blended Fair Value$16.33
Current Price$13.85
Upside17.88%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.33%-5.98%0.720.330.270.440.390.250.330.460.111.29
YoY Growth--115.76%25.00%-38.88%12.08%54.46%-22.96%-29.33%313.72%-91.32%-3.25%
Dividend Yield--4.76%2.03%2.02%3.52%2.35%2.00%2.39%2.72%0.37%4.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)901.52
(-) Cash Dividends Paid (M)24.64
(=) Cash Retained (M)876.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)180.30112.6967.61
Cash Retained (M)876.87876.87876.87
(-) Cash Required (M)-180.30-112.69-67.61
(=) Excess Retained (M)696.57764.18809.26
(/) Shares Outstanding (M)797.65797.65797.65
(=) Excess Retained per Share0.870.961.01
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.870.961.01
(=) Adjusted Dividend0.900.991.05
WACC / Discount Rate7.45%7.45%7.45%
Growth Rate-0.97%0.03%1.03%
Fair Value$10.63$13.33$16.45
Upside / Downside-23.22%-3.75%18.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)901.52901.81902.10902.38902.67902.96930.05
Payout Ratio2.73%20.19%37.64%55.09%72.55%90.00%92.50%
Projected Dividends (M)24.64182.05339.55497.15654.86812.66860.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.45%7.45%7.45%
Growth Rate-0.97%0.03%1.03%
Year 1 PV (M)167.73169.42171.11
Year 2 PV (M)288.23294.08299.99
Year 3 PV (M)388.82400.72412.86
Year 4 PV (M)471.88491.23511.16
Year 5 PV (M)539.52567.32596.25
PV of Terminal Value (M)12,827.3813,488.2314,176.04
Equity Value (M)14,683.5615,411.0016,167.42
Shares Outstanding (M)797.65797.65797.65
Fair Value$18.41$19.32$20.27
Upside / Downside32.91%39.50%46.35%

High-Yield Dividend Screener

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