Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinzi Ham Co.,Ltd. (002515.SZ)

Company Dividend Discount ModelIndustry: Food DistributionSector: Consumer Defensive

Valuation Snapshot

Stable Growth$0.47 - $0.75$0.60
Multi-Stage$0.53 - $0.58$0.55
Blended Fair Value$0.57
Current Price$7.67
Upside-92.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%10.77%0.020.020.020.020.040.000.000.000.010.01
YoY Growth--25.53%-14.53%-18.69%-46.00%0.00%-100.00%0.00%-100.00%11.33%82.95%
Dividend Yield--0.37%0.34%0.42%0.47%0.89%0.00%0.01%0.00%0.15%0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)54.34
(-) Cash Dividends Paid (M)36.24
(=) Cash Retained (M)18.09
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.876.794.08
Cash Retained (M)18.0918.0918.09
(-) Cash Required (M)-10.87-6.79-4.08
(=) Excess Retained (M)7.2311.3014.02
(/) Shares Outstanding (M)1,220.391,220.391,220.39
(=) Excess Retained per Share0.010.010.01
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.010.010.01
(=) Adjusted Dividend0.040.040.04
WACC / Discount Rate10.68%10.68%10.68%
Growth Rate2.91%3.91%4.91%
Fair Value$0.47$0.60$0.75
Upside / Downside-93.85%-92.20%-90.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)54.3456.4658.6760.9763.3565.8367.80
Payout Ratio66.70%71.36%76.02%80.68%85.34%90.00%92.50%
Projected Dividends (M)36.2440.2944.6049.1954.0659.2462.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.68%10.68%10.68%
Growth Rate2.91%3.91%4.91%
Year 1 PV (M)36.0536.4136.76
Year 2 PV (M)35.7136.4137.12
Year 3 PV (M)35.2436.2837.34
Year 4 PV (M)34.6636.0337.44
Year 5 PV (M)33.9935.6737.42
PV of Terminal Value (M)468.59491.80515.93
Equity Value (M)644.25672.60701.99
Shares Outstanding (M)1,220.391,220.391,220.39
Fair Value$0.53$0.55$0.58
Upside / Downside-93.12%-92.81%-92.50%

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