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China Ecotek Corporation (1535.TW)

Company Dividend Discount ModelIndustry: Industrial - Pollution & Treatment ControlsSector: Industrials

Valuation Snapshot

Stable Growth$56.16 - $101.79$75.16
Multi-Stage$89.10 - $97.66$93.30
Blended Fair Value$84.23
Current Price$55.00
Upside53.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.57%-0.59%3.292.992.591.351.201.101.251.802.994.49
YoY Growth--10.00%15.38%92.59%12.50%9.09%-12.00%-30.56%-40.00%-33.33%28.57%
Dividend Yield--5.72%4.02%5.30%3.13%2.99%4.05%3.69%3.97%6.44%7.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)492.98
(-) Cash Dividends Paid (M)371.23
(=) Cash Retained (M)121.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)98.6061.6236.97
Cash Retained (M)121.76121.76121.76
(-) Cash Required (M)-98.60-61.62-36.97
(=) Excess Retained (M)23.1660.1384.78
(/) Shares Outstanding (M)124.05124.05124.05
(=) Excess Retained per Share0.190.480.68
LTM Dividend per Share2.992.992.99
(+) Excess Retained per Share0.190.480.68
(=) Adjusted Dividend3.183.483.68
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate1.11%2.11%3.11%
Fair Value$56.16$75.16$101.79
Upside / Downside2.11%36.66%85.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)492.98503.40514.03524.89535.98547.30563.72
Payout Ratio75.30%78.24%81.18%84.12%87.06%90.00%92.50%
Projected Dividends (M)371.23393.87417.30441.54466.63492.57521.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate1.11%2.11%3.11%
Year 1 PV (M)365.05368.66372.28
Year 2 PV (M)358.48365.60372.80
Year 3 PV (M)351.56362.09372.83
Year 4 PV (M)344.35358.17372.41
Year 5 PV (M)336.90353.90371.57
PV of Terminal Value (M)9,296.669,765.5610,253.19
Equity Value (M)11,053.0011,573.9912,115.08
Shares Outstanding (M)124.05124.05124.05
Fair Value$89.10$93.30$97.66
Upside / Downside62.00%69.63%77.56%

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