Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

AnHui Wanyi Science and Technology Co., Ltd. (688600.SS)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$43.52 - $99.29$92.99
Multi-Stage$50.29 - $55.58$52.88
Blended Fair Value$72.93
Current Price$22.15
Upside229.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS11.95%0.00%0.200.200.200.250.000.120.100.110.100.00
YoY Growth--0.25%0.65%-20.00%0.00%-100.00%20.00%-8.74%5.94%0.00%0.00%
Dividend Yield--1.25%1.11%0.78%1.74%0.00%0.32%0.27%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)70.78
(-) Cash Dividends Paid (M)13.67
(=) Cash Retained (M)57.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.168.855.31
Cash Retained (M)57.1157.1157.11
(-) Cash Required (M)-14.16-8.85-5.31
(=) Excess Retained (M)42.9548.2651.80
(/) Shares Outstanding (M)131.87131.87131.87
(=) Excess Retained per Share0.330.370.39
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.330.370.39
(=) Adjusted Dividend0.430.470.50
WACC / Discount Rate-1.03%-1.03%-1.03%
Growth Rate-2.00%-1.00%0.00%
Fair Value$43.52$92.99$99.29
Upside / Downside96.49%319.80%348.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)70.7870.0769.3768.6767.9967.3169.33
Payout Ratio19.32%33.45%47.59%61.73%75.86%90.00%92.50%
Projected Dividends (M)13.6723.4433.0142.3951.5860.5864.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.03%-1.03%-1.03%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)23.4523.6823.92
Year 2 PV (M)33.0333.7034.39
Year 3 PV (M)42.4243.7345.07
Year 4 PV (M)51.6353.7755.97
Year 5 PV (M)60.6563.8167.09
PV of Terminal Value (M)6,420.276,754.587,102.69
Equity Value (M)6,631.436,973.287,329.13
Shares Outstanding (M)131.87131.87131.87
Fair Value$50.29$52.88$55.58
Upside / Downside127.03%138.74%150.92%

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