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Guangzhou Haoyang Electronic Co.,Ltd. (300833.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$23.25 - $46.21$32.23
Multi-Stage$34.47 - $37.75$36.08
Blended Fair Value$34.16
Current Price$42.99
Upside-20.55%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS448.87%0.00%1.601.450.530.270.000.000.000.000.090.07
YoY Growth--10.54%171.39%99.85%0.00%-100.00%-91.66%-12.28%-95.31%29.93%0.00%
Dividend Yield--4.10%2.26%0.75%0.61%0.00%0.00%0.01%0.01%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)177.59
(-) Cash Dividends Paid (M)164.45
(=) Cash Retained (M)13.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)35.5222.2013.32
Cash Retained (M)13.1313.1313.13
(-) Cash Required (M)-35.52-22.20-13.32
(=) Excess Retained (M)-22.38-9.07-0.19
(/) Shares Outstanding (M)126.50126.50126.50
(=) Excess Retained per Share-0.18-0.070.00
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share-0.18-0.070.00
(=) Adjusted Dividend1.121.231.30
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate1.74%2.74%3.74%
Fair Value$23.25$32.23$46.21
Upside / Downside-45.93%-25.02%7.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)177.59182.45187.45192.58197.86203.28209.37
Payout Ratio92.60%92.08%91.56%91.04%90.52%90.00%92.50%
Projected Dividends (M)164.45168.01171.63175.33179.10182.95193.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate1.74%2.74%3.74%
Year 1 PV (M)155.99157.52159.06
Year 2 PV (M)147.96150.88153.83
Year 3 PV (M)140.34144.52148.78
Year 4 PV (M)133.10138.41143.88
Year 5 PV (M)126.24132.57139.14
PV of Terminal Value (M)3,656.783,840.064,030.62
Equity Value (M)4,360.414,563.964,775.31
Shares Outstanding (M)126.50126.50126.50
Fair Value$34.47$36.08$37.75
Upside / Downside-19.82%-16.07%-12.19%

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