Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangsu Cnano Technology Co., Ltd. (688116.SS)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$24.12 - $121.25$43.15
Multi-Stage$14.55 - $15.90$15.21
Blended Fair Value$29.18
Current Price$68.86
Upside-57.63%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS92.08%0.00%0.350.060.050.050.090.010.010.000.000.00
YoY Growth--466.38%37.07%-1.27%-51.05%596.83%125.90%27.36%1,259.35%0.00%0.00%
Dividend Yield--0.82%0.27%0.10%0.05%0.27%0.06%0.02%0.01%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)263.68
(-) Cash Dividends Paid (M)73.03
(=) Cash Retained (M)190.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.7432.9619.78
Cash Retained (M)190.65190.65190.65
(-) Cash Required (M)-52.74-32.96-19.78
(=) Excess Retained (M)137.92157.69170.88
(/) Shares Outstanding (M)353.27353.27353.27
(=) Excess Retained per Share0.390.450.48
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.390.450.48
(=) Adjusted Dividend0.600.650.69
WACC / Discount Rate8.11%8.11%8.11%
Growth Rate5.50%6.50%7.50%
Fair Value$24.12$43.15$121.25
Upside / Downside-64.98%-37.34%76.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)263.68280.82299.07318.51339.22361.27372.10
Payout Ratio27.70%40.16%52.62%65.08%77.54%90.00%92.50%
Projected Dividends (M)73.03112.77157.36207.28263.03325.14344.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.11%8.11%8.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)103.33104.31105.28
Year 2 PV (M)132.12134.63137.17
Year 3 PV (M)159.46164.04168.70
Year 4 PV (M)185.40192.53199.86
Year 5 PV (M)210.00220.14230.67
PV of Terminal Value (M)4,348.584,558.624,776.70
Equity Value (M)5,138.885,374.275,618.39
Shares Outstanding (M)353.27353.27353.27
Fair Value$14.55$15.21$15.90
Upside / Downside-78.88%-77.91%-76.90%

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