Definitive Analysis
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Definitive Analysis

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Sector

Wedge Industrial Co.,Ltd. (000534.SZ)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$74.40 - $87.65$82.14
Multi-Stage$19.25 - $21.10$20.16
Blended Fair Value$51.15
Current Price$15.25
Upside235.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.13%0.68%0.230.110.110.120.100.110.220.110.190.14
YoY Growth--102.65%5.60%-11.84%18.42%-1.31%-52.75%103.37%-42.61%36.62%-35.61%
Dividend Yield--1.48%0.93%0.64%0.92%0.87%1.11%2.10%0.84%1.26%1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)223.90
(-) Cash Dividends Paid (M)56.53
(=) Cash Retained (M)167.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.7827.9916.79
Cash Retained (M)167.37167.37167.37
(-) Cash Required (M)-44.78-27.99-16.79
(=) Excess Retained (M)122.59139.38150.57
(/) Shares Outstanding (M)507.99507.99507.99
(=) Excess Retained per Share0.240.270.30
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.240.270.30
(=) Adjusted Dividend0.350.390.41
WACC / Discount Rate5.37%5.37%5.37%
Growth Rate5.50%6.50%7.50%
Fair Value$74.40$82.14$87.65
Upside / Downside387.85%438.65%474.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)223.90238.45253.95270.45288.03306.76315.96
Payout Ratio25.25%38.20%51.15%64.10%77.05%90.00%92.50%
Projected Dividends (M)56.5391.08129.89173.36221.93276.08292.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.37%5.37%5.37%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)85.6386.4487.25
Year 2 PV (M)114.80116.99119.20
Year 3 PV (M)144.05148.19152.40
Year 4 PV (M)173.37180.04186.89
Year 5 PV (M)202.76212.55222.72
PV of Terminal Value (M)9,060.259,497.869,952.22
Equity Value (M)9,780.8610,242.0710,720.69
Shares Outstanding (M)507.99507.99507.99
Fair Value$19.25$20.16$21.10
Upside / Downside26.26%32.21%38.39%

High-Yield Dividend Screener

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