Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Anhui Anfu Battery Technology Co., Ltd. (603031.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$65.66 - $179.03$167.78
Multi-Stage$25.43 - $27.81$26.60
Blended Fair Value$97.19
Current Price$42.78
Upside127.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS42.55%16.12%0.650.440.360.110.080.110.060.130.110.15
YoY Growth--48.80%21.80%241.66%31.66%-27.80%97.34%-58.16%27.41%-28.22%0.34%
Dividend Yield--2.26%1.31%1.11%0.36%0.42%0.50%0.58%1.17%0.44%1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)192.66
(-) Cash Dividends Paid (M)96.59
(=) Cash Retained (M)96.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.5324.0814.45
Cash Retained (M)96.0796.0796.07
(-) Cash Required (M)-38.53-24.08-14.45
(=) Excess Retained (M)57.5471.9981.62
(/) Shares Outstanding (M)214.02214.02214.02
(=) Excess Retained per Share0.270.340.38
LTM Dividend per Share0.450.450.45
(+) Excess Retained per Share0.270.340.38
(=) Adjusted Dividend0.720.790.83
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Fair Value$65.66$167.78$179.03
Upside / Downside53.49%292.18%318.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)192.66205.18218.52232.72247.85263.96271.88
Payout Ratio50.13%58.11%66.08%74.05%82.03%90.00%92.50%
Projected Dividends (M)96.59119.22144.40172.34203.30237.56251.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)110.73111.78112.83
Year 2 PV (M)124.56126.93129.33
Year 3 PV (M)138.08142.04146.08
Year 4 PV (M)151.28157.10163.09
Year 5 PV (M)164.19172.12180.35
PV of Terminal Value (M)4,752.694,982.255,220.59
Equity Value (M)5,441.535,692.225,952.27
Shares Outstanding (M)214.02214.02214.02
Fair Value$25.43$26.60$27.81
Upside / Downside-40.57%-37.83%-34.99%

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