Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

Sichuan Haite High-tech Co., Ltd. (002023.SZ)

Company Dividend Discount ModelIndustry: Aerospace & DefenseSector: Industrials

Valuation Snapshot

Stable Growth$4.20 - $11.67$6.51
Multi-Stage$2.89 - $3.15$3.02
Blended Fair Value$4.77
Current Price$12.49
Upside-61.84%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.69%13.90%0.170.120.120.140.030.150.110.100.050.05
YoY Growth--43.21%-1.12%-14.26%349.26%-79.06%31.85%8.68%87.16%19.99%0.00%
Dividend Yield--1.68%1.21%1.27%1.24%0.26%1.06%0.84%1.02%0.41%0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)127.99
(-) Cash Dividends Paid (M)51.52
(=) Cash Retained (M)76.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.6016.009.60
Cash Retained (M)76.4776.4776.47
(-) Cash Required (M)-25.60-16.00-9.60
(=) Excess Retained (M)50.8760.4766.87
(/) Shares Outstanding (M)740.89740.89740.89
(=) Excess Retained per Share0.070.080.09
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.070.080.09
(=) Adjusted Dividend0.140.150.16
WACC / Discount Rate8.97%8.97%8.97%
Growth Rate5.50%6.50%7.50%
Fair Value$4.20$6.51$11.67
Upside / Downside-66.38%-47.86%-6.55%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)127.99136.31145.17154.60164.65175.35180.61
Payout Ratio40.25%50.20%60.15%70.10%80.05%90.00%92.50%
Projected Dividends (M)51.5268.4387.32108.38131.80157.82167.07

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.97%8.97%8.97%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)62.2062.7963.38
Year 2 PV (M)72.1673.5374.92
Year 3 PV (M)81.4183.7586.13
Year 4 PV (M)90.0193.4797.03
Year 5 PV (M)97.97102.70107.62
PV of Terminal Value (M)1,736.741,820.631,907.72
Equity Value (M)2,140.502,236.882,336.81
Shares Outstanding (M)740.89740.89740.89
Fair Value$2.89$3.02$3.15
Upside / Downside-76.87%-75.83%-74.75%

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