Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangsu Zhongtian Technology Co., Ltd. (600522.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$136.86 - $161.24$151.11
Multi-Stage$91.68 - $100.64$96.08
Blended Fair Value$123.59
Current Price$18.92
Upside553.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.60%14.38%0.250.170.160.130.110.130.130.120.050.05
YoY Growth--42.99%10.89%21.19%15.30%-10.77%-2.26%11.20%113.54%3.77%-19.48%
Dividend Yield--1.71%1.24%0.92%0.76%0.98%1.31%1.26%0.95%0.46%0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,865.56
(-) Cash Dividends Paid (M)95.90
(=) Cash Retained (M)2,769.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)573.11358.20214.92
Cash Retained (M)2,769.662,769.662,769.66
(-) Cash Required (M)-573.11-358.20-214.92
(=) Excess Retained (M)2,196.552,411.462,554.74
(/) Shares Outstanding (M)3,534.333,534.333,534.33
(=) Excess Retained per Share0.620.680.72
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.620.680.72
(=) Adjusted Dividend0.650.710.75
WACC / Discount Rate2.51%2.51%2.51%
Growth Rate5.50%6.50%7.50%
Fair Value$136.86$151.11$161.24
Upside / Downside623.36%698.67%752.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,865.563,051.823,250.193,461.453,686.453,926.074,043.85
Payout Ratio3.35%20.68%38.01%55.34%72.67%90.00%92.50%
Projected Dividends (M)95.90631.041,235.331,915.522,678.923,533.463,740.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.51%2.51%2.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)609.80615.58621.36
Year 2 PV (M)1,153.601,175.581,197.76
Year 3 PV (M)1,728.601,778.221,828.79
Year 4 PV (M)2,336.162,426.012,518.41
Year 5 PV (M)2,977.693,121.523,270.84
PV of Terminal Value (M)315,221.88330,447.22346,255.26
Equity Value (M)324,027.75339,564.13355,692.43
Shares Outstanding (M)3,534.333,534.333,534.33
Fair Value$91.68$96.08$100.64
Upside / Downside384.57%407.80%431.92%

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