Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nanning Baling Technology Co., Ltd. (002592.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$2.15 - $2.95$2.55
Multi-Stage$3.47 - $3.83$3.65
Blended Fair Value$3.10
Current Price$6.79
Upside-54.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-43.12%-32.59%0.000.010.010.030.080.060.260.260.180.10
YoY Growth---61.57%-25.58%-53.12%-63.95%23.22%-75.63%0.00%42.04%88.13%-50.00%
Dividend Yield--0.07%0.16%0.26%0.55%2.24%0.69%0.92%1.17%0.62%0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)112.27
(-) Cash Dividends Paid (M)0.00
(=) Cash Retained (M)112.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.4514.038.42
Cash Retained (M)112.27112.27112.27
(-) Cash Required (M)-22.45-14.03-8.42
(=) Excess Retained (M)89.8298.24103.85
(/) Shares Outstanding (M)277.17277.17277.17
(=) Excess Retained per Share0.320.350.37
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.320.350.37
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate-4.58%-3.58%-2.58%
Fair Value$2.15$2.55$2.95
Upside / Downside-68.36%-62.42%-56.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)112.27108.25104.37100.6497.0393.5696.36
Payout Ratio0.00%18.00%36.00%54.00%72.00%90.00%92.50%
Projected Dividends (M)0.0019.4937.5854.3469.8684.2089.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate-4.58%-3.58%-2.58%
Year 1 PV (M)17.5617.7517.93
Year 2 PV (M)30.5231.1631.81
Year 3 PV (M)39.7841.0442.33
Year 4 PV (M)46.0848.0550.07
Year 5 PV (M)50.0552.7355.53
PV of Terminal Value (M)777.94819.57862.96
Equity Value (M)961.941,010.301,060.63
Shares Outstanding (M)277.17277.17277.17
Fair Value$3.47$3.65$3.83
Upside / Downside-48.89%-46.32%-43.64%

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