Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shandong Kehui Power Automation Co.,Ltd. (688681.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$81.91 - $96.51$90.44
Multi-Stage$55.55 - $60.98$58.21
Blended Fair Value$74.33
Current Price$17.16
Upside333.14%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.52%2.08%0.150.110.120.100.110.110.110.110.110.11
YoY Growth--43.47%-11.94%24.14%-9.85%1.63%-2.48%4.68%-0.20%-4.98%-11.71%
Dividend Yield--1.26%0.96%0.77%0.61%0.44%0.44%0.45%0.00%0.43%0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)50.34
(-) Cash Dividends Paid (M)15.74
(=) Cash Retained (M)34.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.076.293.78
Cash Retained (M)34.6034.6034.60
(-) Cash Required (M)-10.07-6.29-3.78
(=) Excess Retained (M)24.5328.3030.82
(/) Shares Outstanding (M)103.32103.32103.32
(=) Excess Retained per Share0.240.270.30
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.240.270.30
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate2.04%2.04%2.04%
Growth Rate5.08%6.08%7.08%
Fair Value$81.91$90.44$96.51
Upside / Downside377.34%427.05%462.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)50.3453.4056.6560.0963.7567.6369.65
Payout Ratio31.27%43.02%54.76%66.51%78.25%90.00%92.50%
Projected Dividends (M)15.7422.9731.0239.9749.8960.8664.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.04%2.04%2.04%
Growth Rate5.08%6.08%7.08%
Year 1 PV (M)22.3022.5122.72
Year 2 PV (M)29.2329.7930.36
Year 3 PV (M)36.5637.6138.69
Year 4 PV (M)44.3046.0147.77
Year 5 PV (M)52.4755.0157.65
PV of Terminal Value (M)5,554.235,823.586,103.29
Equity Value (M)5,739.086,014.526,300.48
Shares Outstanding (M)103.32103.32103.32
Fair Value$55.55$58.21$60.98
Upside / Downside223.69%239.23%255.35%

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