Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jingjin Equipment Inc. (603279.SS)

Company Dividend Discount ModelIndustry: Industrial - Pollution & Treatment ControlsSector: Industrials

Valuation Snapshot

Stable Growth$21.81 - $49.55$31.72
Multi-Stage$17.17 - $18.67$17.91
Blended Fair Value$24.81
Current Price$16.04
Upside54.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS32.97%37.98%1.731.010.570.500.420.420.000.170.000.06
YoY Growth--71.78%76.25%15.25%19.12%0.00%0.00%-100.00%0.00%-100.00%-11.91%
Dividend Yield--10.02%4.80%2.04%1.71%2.87%2.76%0.00%1.22%0.00%0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)618.63
(-) Cash Dividends Paid (M)616.56
(=) Cash Retained (M)2.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)123.7377.3346.40
Cash Retained (M)2.072.072.07
(-) Cash Required (M)-123.73-77.33-46.40
(=) Excess Retained (M)-121.65-75.26-44.33
(/) Shares Outstanding (M)576.16576.16576.16
(=) Excess Retained per Share-0.21-0.13-0.08
LTM Dividend per Share1.071.071.07
(+) Excess Retained per Share-0.21-0.13-0.08
(=) Adjusted Dividend0.860.940.99
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate5.50%6.50%7.50%
Fair Value$21.81$31.72$49.55
Upside / Downside35.99%97.74%208.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)618.63658.84701.66747.27795.84847.57873.00
Payout Ratio99.67%97.73%95.80%93.87%91.93%90.00%92.50%
Projected Dividends (M)616.56643.90672.19701.43731.64762.82807.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.65%9.65%9.65%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)581.69587.21592.72
Year 2 PV (M)548.58559.03569.58
Year 3 PV (M)517.15531.99547.12
Year 4 PV (M)487.31506.05525.33
Year 5 PV (M)458.99481.16504.17
PV of Terminal Value (M)7,301.597,654.268,020.43
Equity Value (M)9,895.3110,319.7010,759.35
Shares Outstanding (M)576.16576.16576.16
Fair Value$17.17$17.91$18.67
Upside / Downside7.07%11.67%16.42%

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