Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bestway Marine & Energy Technology Co.,Ltd (300008.SZ)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$4.78 - $16.94$7.92
Multi-Stage$3.01 - $3.30$3.15
Blended Fair Value$5.54
Current Price$6.28
Upside-11.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.37%8.94%0.020.010.000.010.020.010.010.020.010.01
YoY Growth--154.02%92.46%-28.08%-67.77%38.11%35.85%-55.00%87.83%63.57%-19.92%
Dividend Yield--0.36%0.22%0.10%0.13%0.37%1.01%0.42%0.55%0.19%0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)293.48
(-) Cash Dividends Paid (M)36.99
(=) Cash Retained (M)256.49
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.7036.6822.01
Cash Retained (M)256.49256.49256.49
(-) Cash Required (M)-58.70-36.68-22.01
(=) Excess Retained (M)197.79219.81234.48
(/) Shares Outstanding (M)1,728.141,728.141,728.14
(=) Excess Retained per Share0.110.130.14
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.110.130.14
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate5.50%6.50%7.50%
Fair Value$4.78$7.92$16.94
Upside / Downside-23.84%26.19%169.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)293.48312.55332.87354.51377.55402.09414.15
Payout Ratio12.60%28.08%43.56%59.04%74.52%90.00%92.50%
Projected Dividends (M)36.9987.77145.01209.31281.35361.88383.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.50%8.50%8.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)80.1480.9081.66
Year 2 PV (M)120.88123.18125.51
Year 3 PV (M)159.31163.88168.54
Year 4 PV (M)195.52203.04210.77
Year 5 PV (M)229.61240.70252.22
PV of Terminal Value (M)4,421.934,635.514,857.26
Equity Value (M)5,207.395,447.215,695.96
Shares Outstanding (M)1,728.141,728.141,728.14
Fair Value$3.01$3.15$3.30
Upside / Downside-52.02%-49.81%-47.52%

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