Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhuhai Enpower Electric Co.,Ltd. (300681.SZ)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$23.71 - $124.31$47.53
Multi-Stage$13.07 - $14.30$13.67
Blended Fair Value$30.60
Current Price$30.67
Upside-0.22%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.10%0.00%0.110.100.100.050.030.050.170.010.000.04
YoY Growth--17.53%-6.69%123.97%73.28%-46.02%-70.42%1,699.19%866.47%-97.83%0.00%
Dividend Yield--0.31%0.57%0.47%0.16%0.23%0.45%1.27%0.05%0.01%0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)168.76
(-) Cash Dividends Paid (M)20.96
(=) Cash Retained (M)147.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.7521.1012.66
Cash Retained (M)147.80147.80147.80
(-) Cash Required (M)-33.75-21.10-12.66
(=) Excess Retained (M)114.05126.70135.14
(/) Shares Outstanding (M)270.00270.00270.00
(=) Excess Retained per Share0.420.470.50
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.420.470.50
(=) Adjusted Dividend0.500.550.58
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate5.50%6.50%7.50%
Fair Value$23.71$47.53$124.31
Upside / Downside-22.71%54.98%305.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)168.76179.73191.41203.86217.11231.22238.16
Payout Ratio12.42%27.94%43.45%58.97%74.48%90.00%92.50%
Projected Dividends (M)20.9650.2183.17120.21161.71208.10220.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)46.1746.6147.05
Year 2 PV (M)70.3371.6773.03
Year 3 PV (M)93.4896.1698.89
Year 4 PV (M)115.63120.08124.65
Year 5 PV (M)136.83143.44150.30
PV of Terminal Value (M)3,065.383,213.443,367.16
Equity Value (M)3,527.833,691.403,861.09
Shares Outstanding (M)270.00270.00270.00
Fair Value$13.07$13.67$14.30
Upside / Downside-57.40%-55.42%-53.37%

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