Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ChangZhou KAIDI Electrical Inc. (605288.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$11.47 - $25.11$16.47
Multi-Stage$50.92 - $56.24$53.52
Blended Fair Value$35.00
Current Price$94.10
Upside-62.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-34.76%0.00%0.480.270.500.740.274.040.150.640.470.03
YoY Growth--75.80%-45.89%-32.38%175.31%-93.33%2,548.53%-76.35%37.49%1,408.39%0.00%
Dividend Yield--1.20%0.72%1.35%1.80%0.32%4.24%0.16%0.68%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44.33
(-) Cash Dividends Paid (M)27.43
(=) Cash Retained (M)16.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.875.543.32
Cash Retained (M)16.9016.9016.90
(-) Cash Required (M)-8.87-5.54-3.32
(=) Excess Retained (M)8.0411.3613.58
(/) Shares Outstanding (M)69.7969.7969.79
(=) Excess Retained per Share0.120.160.19
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share0.120.160.19
(=) Adjusted Dividend0.510.560.59
WACC / Discount Rate2.34%2.34%2.34%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.47$16.47$25.11
Upside / Downside-87.81%-82.49%-73.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44.3343.8943.4543.0142.5842.1643.42
Payout Ratio61.87%67.49%73.12%78.75%84.37%90.00%92.50%
Projected Dividends (M)27.4329.6231.7733.8735.9337.9440.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.34%2.34%2.34%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)28.6528.9429.24
Year 2 PV (M)29.7230.3330.95
Year 3 PV (M)30.6531.6032.57
Year 4 PV (M)31.4532.7534.10
Year 5 PV (M)32.1233.8035.54
PV of Terminal Value (M)3,400.763,577.853,762.23
Equity Value (M)3,553.363,735.283,924.62
Shares Outstanding (M)69.7969.7969.79
Fair Value$50.92$53.52$56.24
Upside / Downside-45.89%-43.12%-40.24%

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