Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanxi Hi-speed Group Co., Ltd. (000755.SZ)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$5.76 - $12.03$8.13
Multi-Stage$7.84 - $8.59$8.21
Blended Fair Value$8.17
Current Price$4.83
Upside69.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.15%4.17%0.190.240.210.270.320.200.210.270.070.09
YoY Growth---20.58%14.77%-23.32%-15.68%60.11%-5.66%-21.70%293.72%-25.95%-25.94%
Dividend Yield--3.93%5.19%3.71%6.03%9.95%5.32%4.20%4.21%1.01%1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)474.59
(-) Cash Dividends Paid (M)423.45
(=) Cash Retained (M)51.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)94.9259.3235.59
Cash Retained (M)51.1551.1551.15
(-) Cash Required (M)-94.92-59.32-35.59
(=) Excess Retained (M)-43.77-8.1815.55
(/) Shares Outstanding (M)1,467.411,467.411,467.41
(=) Excess Retained per Share-0.03-0.010.01
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share-0.03-0.010.01
(=) Adjusted Dividend0.260.280.30
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.17%3.17%4.17%
Fair Value$5.76$8.13$12.03
Upside / Downside19.25%68.39%149.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)474.59489.66505.21521.25537.80554.87571.52
Payout Ratio89.22%89.38%89.53%89.69%89.84%90.00%92.50%
Projected Dividends (M)423.45437.65452.33467.50483.18499.39528.65

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate2.17%3.17%4.17%
Year 1 PV (M)405.95409.92413.90
Year 2 PV (M)389.17396.83404.56
Year 3 PV (M)373.09384.15395.43
Year 4 PV (M)357.67371.88386.50
Year 5 PV (M)342.88359.99377.78
PV of Terminal Value (M)9,641.0510,122.1610,622.30
Equity Value (M)11,509.8012,044.9312,600.46
Shares Outstanding (M)1,467.411,467.411,467.41
Fair Value$7.84$8.21$8.59
Upside / Downside62.39%69.94%77.78%

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