Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangsu Lianfa Textile Co.,Ltd (002394.SZ)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$6.26 - $8.88$7.56
Multi-Stage$55.05 - $61.29$58.10
Blended Fair Value$32.83
Current Price$11.14
Upside194.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-27.49%-12.72%0.140.890.080.360.560.680.830.710.800.80
YoY Growth---84.87%1,024.65%-78.19%-35.20%-16.66%-18.72%16.66%-11.05%0.54%50.96%
Dividend Yield--1.81%11.79%1.06%4.59%5.55%7.81%7.04%6.12%4.72%5.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)334.57
(-) Cash Dividends Paid (M)60.73
(=) Cash Retained (M)273.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.9141.8225.09
Cash Retained (M)273.84273.84273.84
(-) Cash Required (M)-66.91-41.82-25.09
(=) Excess Retained (M)206.93232.02248.75
(/) Shares Outstanding (M)323.87323.87323.87
(=) Excess Retained per Share0.640.720.77
LTM Dividend per Share0.190.190.19
(+) Excess Retained per Share0.640.720.77
(=) Adjusted Dividend0.830.900.96
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate-9.09%-8.09%-7.09%
Fair Value$6.26$7.56$8.88
Upside / Downside-43.78%-32.18%-20.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)334.57307.50282.63259.76238.75219.43226.02
Payout Ratio18.15%32.52%46.89%61.26%75.63%90.00%92.50%
Projected Dividends (M)60.73100.00132.53159.13180.57197.49209.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate-9.09%-8.09%-7.09%
Year 1 PV (M)96.1297.1898.24
Year 2 PV (M)122.44125.15127.89
Year 3 PV (M)141.31146.03150.85
Year 4 PV (M)154.13161.02168.14
Year 5 PV (M)162.03171.14180.65
PV of Terminal Value (M)17,152.6718,117.0519,124.31
Equity Value (M)17,828.7018,817.5619,850.08
Shares Outstanding (M)323.87323.87323.87
Fair Value$55.05$58.10$61.29
Upside / Downside394.15%421.56%450.18%

High-Yield Dividend Screener

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