Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hanwei Electronics Group Corporation (300007.SZ)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$40.19 - $47.38$44.39
Multi-Stage$27.61 - $30.38$28.97
Blended Fair Value$36.68
Current Price$63.57
Upside-42.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.38%19.12%0.220.200.180.180.170.180.210.150.140.11
YoY Growth--13.94%11.13%-3.97%10.30%-7.63%-13.12%36.03%6.72%29.67%183.90%
Dividend Yield--0.60%1.22%0.95%0.96%1.07%1.39%1.36%1.02%0.76%0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)81.73
(-) Cash Dividends Paid (M)40.27
(=) Cash Retained (M)41.46
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.3510.226.13
Cash Retained (M)41.4641.4641.46
(-) Cash Required (M)-16.35-10.22-6.13
(=) Excess Retained (M)25.1231.2535.33
(/) Shares Outstanding (M)333.08333.08333.08
(=) Excess Retained per Share0.080.090.11
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.080.090.11
(=) Adjusted Dividend0.200.210.23
WACC / Discount Rate-0.25%-0.25%-0.25%
Growth Rate2.38%3.38%4.38%
Fair Value$40.19$44.39$47.38
Upside / Downside-36.77%-30.17%-25.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)81.7384.4987.3490.2993.3496.4999.39
Payout Ratio49.27%57.42%65.56%73.71%81.85%90.00%92.50%
Projected Dividends (M)40.2748.5157.2666.5576.4086.8591.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.25%-0.25%-0.25%
Growth Rate2.38%3.38%4.38%
Year 1 PV (M)48.1648.6349.10
Year 2 PV (M)56.4457.5558.67
Year 3 PV (M)65.1367.0669.02
Year 4 PV (M)74.2377.1880.21
Year 5 PV (M)83.7787.9492.28
PV of Terminal Value (M)8,867.979,309.629,768.69
Equity Value (M)9,195.709,647.9710,117.96
Shares Outstanding (M)333.08333.08333.08
Fair Value$27.61$28.97$30.38
Upside / Downside-56.57%-54.44%-52.22%

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