Definitive Analysis
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Definitive Analysis

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Zhejiang Jiemei Electronic And Technology Co., Ltd. (002859.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$40.34 - $93.82$87.93
Multi-Stage$14.25 - $15.58$14.90
Blended Fair Value$51.42
Current Price$33.51
Upside53.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS13.69%24.89%0.440.190.300.270.140.230.170.110.090.05
YoY Growth--127.03%-35.12%10.55%95.19%-40.24%33.24%54.23%24.16%94.72%-2.20%
Dividend Yield--2.21%0.89%1.04%1.04%0.43%1.04%0.77%0.54%0.85%0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)200.93
(-) Cash Dividends Paid (M)155.80
(=) Cash Retained (M)45.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)40.1925.1215.07
Cash Retained (M)45.1445.1445.14
(-) Cash Required (M)-40.19-25.12-15.07
(=) Excess Retained (M)4.9520.0230.07
(/) Shares Outstanding (M)425.91425.91425.91
(=) Excess Retained per Share0.010.050.07
LTM Dividend per Share0.370.370.37
(+) Excess Retained per Share0.010.050.07
(=) Adjusted Dividend0.380.410.44
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Fair Value$40.34$87.93$93.82
Upside / Downside20.38%162.39%179.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)200.93213.99227.90242.72258.49275.30283.56
Payout Ratio77.54%80.03%82.52%85.01%87.51%90.00%92.50%
Projected Dividends (M)155.80171.26188.07206.35226.20247.77262.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)159.32160.83162.34
Year 2 PV (M)162.76165.86168.98
Year 3 PV (M)166.12170.89175.74
Year 4 PV (M)169.40175.92182.62
Year 5 PV (M)172.61180.95189.61
PV of Terminal Value (M)5,240.145,493.245,756.03
Equity Value (M)6,070.346,347.676,635.31
Shares Outstanding (M)425.91425.91425.91
Fair Value$14.25$14.90$15.58
Upside / Downside-57.47%-55.52%-53.51%

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