Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CCCC Design & Consulting Group Co., Ltd. (600720.SS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$13.81 - $31.54$20.12
Multi-Stage$9.65 - $10.55$10.09
Blended Fair Value$15.11
Current Price$7.53
Upside100.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.32%7.66%0.360.880.280.240.210.130.130.090.110.19
YoY Growth---59.16%209.55%18.17%15.52%58.65%2.99%43.67%-17.60%-42.75%9.42%
Dividend Yield--4.22%8.65%2.68%2.24%1.41%1.00%1.41%0.86%1.11%2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,522.95
(-) Cash Dividends Paid (M)52.11
(=) Cash Retained (M)1,470.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)304.59190.37114.22
Cash Retained (M)1,470.841,470.841,470.84
(-) Cash Required (M)-304.59-190.37-114.22
(=) Excess Retained (M)1,166.251,280.471,356.62
(/) Shares Outstanding (M)2,251.922,251.922,251.92
(=) Excess Retained per Share0.520.570.60
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.520.570.60
(=) Adjusted Dividend0.540.590.63
WACC / Discount Rate9.63%9.63%9.63%
Growth Rate5.50%6.50%7.50%
Fair Value$13.81$20.12$31.54
Upside / Downside83.44%167.19%318.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,522.951,621.941,727.371,839.651,959.222,086.572,149.17
Payout Ratio3.42%20.74%38.05%55.37%72.68%90.00%92.50%
Projected Dividends (M)52.11336.35657.321,018.591,424.051,877.911,987.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.63%9.63%9.63%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)303.92306.80309.68
Year 2 PV (M)536.66546.89557.20
Year 3 PV (M)751.43773.01794.99
Year 4 PV (M)949.25985.761,023.31
Year 5 PV (M)1,131.091,185.721,242.44
PV of Terminal Value (M)18,053.6418,925.6419,831.01
Equity Value (M)21,726.0022,723.8123,758.63
Shares Outstanding (M)2,251.922,251.922,251.92
Fair Value$9.65$10.09$10.55
Upside / Downside28.12%34.01%40.11%

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