Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Mode

Company Industry Sector

Ticker

Industry

Sector

Fujian Highton Development (603162.SS)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$8.06 - $17.89$11.63
Multi-Stage$5.84 - $6.38$6.10
Blended Fair Value$8.86
Current Price$9.04
Upside-1.94%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192016201520142013
DPS33.71%0.00%0.100.090.000.000.000.020.000.000.000.00
YoY Growth--14.53%0.00%0.00%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.12%0.96%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)391.12
(-) Cash Dividends Paid (M)94.77
(=) Cash Retained (M)296.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)78.2248.8929.33
Cash Retained (M)296.35296.35296.35
(-) Cash Required (M)-78.22-48.89-29.33
(=) Excess Retained (M)218.13247.46267.02
(/) Shares Outstanding (M)960.68960.68960.68
(=) Excess Retained per Share0.230.260.28
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.230.260.28
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Fair Value$8.06$11.63$17.89
Upside / Downside-10.84%28.61%97.88%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)391.12416.55443.62472.46503.17535.87551.95
Payout Ratio24.23%37.38%50.54%63.69%76.85%90.00%92.50%
Projected Dividends (M)94.77155.72224.20300.92386.66482.29510.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.76%9.76%9.76%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)140.54141.87143.20
Year 2 PV (M)182.61186.09189.60
Year 3 PV (M)221.20227.55234.02
Year 4 PV (M)256.52266.38276.53
Year 5 PV (M)288.76302.71317.19
PV of Terminal Value (M)4,519.814,738.124,964.78
Equity Value (M)5,609.445,862.726,125.32
Shares Outstanding (M)960.68960.68960.68
Fair Value$5.84$6.10$6.38
Upside / Downside-35.41%-32.49%-29.47%

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