Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangsu Yangdian Science & Technology Co. Ltd. (301012.SZ)

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

Valuation Snapshot

Stable Growth$55.99 - $65.97$61.82
Multi-Stage$42.98 - $47.16$45.03
Blended Fair Value$53.43
Current Price$24.50
Upside118.07%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172013
DPS10.64%0.00%0.120.090.110.020.050.080.040.080.000.00
YoY Growth--44.97%-20.59%472.69%-60.25%-36.74%72.03%-44.91%0.00%0.00%0.00%
Dividend Yield--0.65%0.70%0.58%0.10%0.19%0.30%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)51.42
(-) Cash Dividends Paid (M)26.66
(=) Cash Retained (M)24.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.286.433.86
Cash Retained (M)24.7624.7624.76
(-) Cash Required (M)-10.28-6.43-3.86
(=) Excess Retained (M)14.4818.3320.90
(/) Shares Outstanding (M)155.02155.02155.02
(=) Excess Retained per Share0.090.120.13
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.090.120.13
(=) Adjusted Dividend0.270.290.31
WACC / Discount Rate-0.09%-0.09%-0.09%
Growth Rate5.50%6.50%7.50%
Fair Value$55.99$61.82$65.97
Upside / Downside128.54%152.34%169.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)51.4254.7758.3262.1266.1570.4572.57
Payout Ratio51.85%59.48%67.11%74.74%82.37%90.00%92.50%
Projected Dividends (M)26.6632.5739.1446.4354.4963.4167.12

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-0.09%-0.09%-0.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)32.3032.6132.91
Year 2 PV (M)38.4839.2239.96
Year 3 PV (M)45.2646.5647.88
Year 4 PV (M)52.6754.7056.78
Year 5 PV (M)60.7763.7166.76
PV of Terminal Value (M)6,433.686,744.437,067.08
Equity Value (M)6,663.176,981.227,311.37
Shares Outstanding (M)155.02155.02155.02
Fair Value$42.98$45.03$47.16
Upside / Downside75.44%83.81%92.50%

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