Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

First Tractor Company Limited (601038.SS)

Company Dividend Discount ModelIndustry: Agricultural - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$44.28 - $144.30$135.23
Multi-Stage$19.56 - $21.37$20.45
Blended Fair Value$77.84
Current Price$12.67
Upside514.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.83%7.65%0.320.240.120.090.060.120.170.180.140.16
YoY Growth--34.21%102.03%25.05%48.68%-48.92%-27.34%-2.81%24.29%-9.90%2.63%
Dividend Yield--2.32%1.42%1.08%0.79%0.56%1.91%3.17%2.55%1.26%1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)815.31
(-) Cash Dividends Paid (M)582.89
(=) Cash Retained (M)232.42
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)163.06101.9161.15
Cash Retained (M)232.42232.42232.42
(-) Cash Required (M)-163.06-101.91-61.15
(=) Excess Retained (M)69.36130.51171.27
(/) Shares Outstanding (M)1,123.651,123.651,123.65
(=) Excess Retained per Share0.060.120.15
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.060.120.15
(=) Adjusted Dividend0.580.630.67
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate5.50%6.50%7.50%
Fair Value$44.28$135.23$144.30
Upside / Downside249.51%967.33%1,038.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)815.31868.30924.74984.851,048.871,117.041,150.55
Payout Ratio71.49%75.19%78.90%82.60%86.30%90.00%92.50%
Projected Dividends (M)582.89652.91729.58813.46905.161,005.341,064.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.88%6.88%6.88%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)605.13610.87616.60
Year 2 PV (M)626.71638.64650.69
Year 3 PV (M)647.62666.21685.15
Year 4 PV (M)667.89693.57719.99
Year 5 PV (M)687.52720.73755.21
PV of Terminal Value (M)18,744.1119,649.4520,589.45
Equity Value (M)21,978.9722,979.4724,017.09
Shares Outstanding (M)1,123.651,123.651,123.65
Fair Value$19.56$20.45$21.37
Upside / Downside54.38%61.41%68.70%

High-Yield Dividend Screener

« Prev Page 19 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
SIGISelective Insurance Group, Inc.1.77%$1.4822.19%
FUSBFirst US Bancshares, Inc.1.76%$0.2526.72%
RRyder System, Inc.1.76%$3.4128.29%
RGAReinsurance Group of America, Incorporated1.75%$3.5527.34%
TFG.ASTetragon Financial Group Limited1.75%$0.303.32%
WFCWells Fargo & Company1.75%$1.6725.46%
HCKTThe Hackett Group, Inc.1.74%$0.3485.97%
LEGLeggett & Platt, Incorporated1.74%$0.1911.94%
RPRXRoyalty Pharma plc1.74%$0.6749.36%
SFBCSound Financial Bancorp, Inc.1.74%$0.7637.96%
SXTSensient Technologies Corporation1.74%$1.6350.00%
MKTXMarketAxess Holdings Inc.1.73%$3.0952.31%
PRGPROG Holdings, Inc.1.73%$0.5112.57%
STELStellar Bancorp, Inc.1.73%$0.5326.88%
UFCSUnited Fire Group, Inc.1.73%$0.6214.63%
AMALAmalgamated Financial Corp.1.72%$0.5516.32%
BKThe Bank of New York Mellon Corporation1.72%$2.0127.06%
COWNCowen Inc.1.72%$0.6733.32%
DGDollar General Corporation1.72%$2.3540.66%
AMKRAmkor Technology, Inc.1.71%$0.7359.04%
DTFDTF Tax-Free Income 2028 Term Fund Inc.1.71%$0.2080.42%
ERIEErie Indemnity Company1.71%$4.7538.59%
FLXSFlexsteel Industries, Inc.1.71%$0.6817.01%
MTCHMatch Group, Inc.1.71%$0.5425.07%
LBRTLiberty Energy Inc.1.70%$0.3228.43%
OVBCOhio Valley Banc Corp.1.70%$0.6728.36%
WTFCWintrust Financial Corporation1.70%$2.4320.92%
BANFBancFirst Corporation1.69%$1.8025.72%
BDLFlanigan's Enterprises, Inc.1.69%$0.5021.50%
CDHAXCalvert International Responsible Idx A1.69%$0.6441.92%
CINRSisecam Resources LP1.69%$0.3419.21%
EXPOExponent, Inc.1.69%$1.1858.07%
GDGeneral Dynamics Corporation1.69%$5.8037.41%
HQIHireQuest, Inc.1.69%$0.1836.36%
OTFBlue Owl Technology Finance Corp.1.69%$0.249.20%
PHINPHINIA Inc.1.68%$1.0947.78%
PTRSPartners Bancorp1.68%$0.1213.62%
RNGRRanger Energy Services, Inc.1.67%$0.2434.90%
HQHAbrdn Healthcare Investors1.66%$0.316.95%
JILLJ.Jill, Inc.1.66%$0.2310.45%
PSH.ASPershing Square Holdings, Ltd.1.65%$0.856.48%
SKTTanger Inc.1.65%$0.5558.16%
USCBUSCB Financial Holdings, Inc.1.64%$0.3018.70%
BOTJBank of the James Financial Group, Inc.1.62%$0.3026.41%
RSReliance Steel & Aluminum Co.1.62%$4.7834.66%
SCIService Corporation International1.62%$1.2533.57%
SMLPSummit Midstream Partners, LP1.62%$0.596.02%
TKRThe Timken Company1.62%$1.4032.90%
TRINLTrinity Capital Inc. - 7.00% No1.62%$0.4120.50%
CARRCarrier Global Corporation1.61%$0.8618.56%