Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

China PengFei Group Limited (3348.HK)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$8.25 - $22.10$12.66
Multi-Stage$31.17 - $34.44$32.77
Blended Fair Value$22.72
Current Price$0.93
Upside2,341.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS17.33%0.00%0.090.070.070.080.050.040.370.030.030.00
YoY Growth--15.81%12.12%-17.50%60.00%29.74%-89.58%1,161.23%12.39%0.00%0.00%
Dividend Yield--8.24%7.93%7.12%9.73%5.08%4.15%35.55%2.96%2.44%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)188.21
(-) Cash Dividends Paid (M)79.85
(=) Cash Retained (M)108.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)37.6423.5314.12
Cash Retained (M)108.36108.36108.36
(-) Cash Required (M)-37.64-23.53-14.12
(=) Excess Retained (M)70.7284.8494.25
(/) Shares Outstanding (M)500.00500.00500.00
(=) Excess Retained per Share0.140.170.19
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.140.170.19
(=) Adjusted Dividend0.300.330.35
WACC / Discount Rate1.58%1.58%1.58%
Growth Rate-2.00%-1.00%0.00%
Fair Value$8.25$12.66$22.10
Upside / Downside787.12%1,260.77%2,275.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)188.21186.33184.47182.62180.80178.99184.36
Payout Ratio42.43%51.94%61.46%70.97%80.49%90.00%92.50%
Projected Dividends (M)79.8596.78113.37129.61145.52161.09170.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.58%1.58%1.58%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)94.3295.2896.24
Year 2 PV (M)107.67109.88112.11
Year 3 PV (M)119.96123.67127.46
Year 4 PV (M)131.26136.70142.30
Year 5 PV (M)141.61148.98156.66
PV of Terminal Value (M)14,990.5515,771.1516,583.92
Equity Value (M)15,585.3616,385.6517,218.69
Shares Outstanding (M)500.00500.00500.00
Fair Value$31.17$32.77$34.44
Upside / Downside3,250.11%3,422.13%3,601.19%

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