Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yongjin Technology Group Co., Ltd. (603995.SS)

Company Dividend Discount ModelIndustry: SteelSector: Basic Materials

Valuation Snapshot

Stable Growth$167.36 - $353.15$330.95
Multi-Stage$54.82 - $59.95$57.34
Blended Fair Value$194.15
Current Price$17.59
Upside1,003.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS41.51%0.00%0.780.500.490.430.430.140.180.090.150.13
YoY Growth--54.84%2.00%14.28%1.07%211.12%-23.82%90.24%-35.74%14.48%0.00%
Dividend Yield--3.86%3.06%1.68%1.14%1.98%0.95%0.81%0.42%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)671.20
(-) Cash Dividends Paid (M)463.80
(=) Cash Retained (M)207.40
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)134.2483.9050.34
Cash Retained (M)207.40207.40207.40
(-) Cash Required (M)-134.24-83.90-50.34
(=) Excess Retained (M)73.16123.50157.06
(/) Shares Outstanding (M)377.99377.99377.99
(=) Excess Retained per Share0.190.330.42
LTM Dividend per Share1.231.231.23
(+) Excess Retained per Share0.190.330.42
(=) Adjusted Dividend1.421.551.64
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate5.50%6.50%7.50%
Fair Value$167.36$330.95$353.15
Upside / Downside851.44%1,781.47%1,907.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)671.20714.83761.29810.77863.47919.60947.19
Payout Ratio69.10%73.28%77.46%81.64%85.82%90.00%92.50%
Projected Dividends (M)463.80523.83589.70661.92741.04827.64876.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)487.72492.34496.96
Year 2 PV (M)511.20520.93530.76
Year 3 PV (M)534.25549.58565.21
Year 4 PV (M)556.87578.29600.32
Year 5 PV (M)579.08607.05636.09
PV of Terminal Value (M)18,053.8818,925.8919,831.27
Equity Value (M)20,723.0021,674.0922,660.62
Shares Outstanding (M)377.99377.99377.99
Fair Value$54.82$57.34$59.95
Upside / Downside211.68%225.99%240.82%

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