Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

China National Electric Apparatus Research Institute Co., Ltd. (688128.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$219.79 - $258.95$242.68
Multi-Stage$150.47 - $165.12$157.66
Blended Fair Value$200.17
Current Price$31.64
Upside532.64%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS10.89%0.00%0.450.400.350.310.310.270.230.650.300.00
YoY Growth--12.24%13.90%15.23%-0.17%14.01%18.13%-65.04%114.76%0.00%0.00%
Dividend Yield--2.03%2.15%1.69%1.57%2.01%1.50%0.85%2.42%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)526.63
(-) Cash Dividends Paid (M)202.65
(=) Cash Retained (M)323.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)105.3365.8339.50
Cash Retained (M)323.98323.98323.98
(-) Cash Required (M)-105.33-65.83-39.50
(=) Excess Retained (M)218.65258.15284.48
(/) Shares Outstanding (M)404.44404.44404.44
(=) Excess Retained per Share0.540.640.70
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share0.540.640.70
(=) Adjusted Dividend1.041.141.20
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Fair Value$219.79$242.68$258.95
Upside / Downside594.67%667.00%718.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)526.63560.86597.31636.14677.49721.52743.17
Payout Ratio38.48%48.78%59.09%69.39%79.70%90.00%92.50%
Projected Dividends (M)202.65273.61352.94441.43539.93649.37687.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)265.22267.73270.24
Year 2 PV (M)331.62337.93344.31
Year 3 PV (M)402.03413.57425.33
Year 4 PV (M)476.65494.98513.84
Year 5 PV (M)555.68582.52610.38
PV of Terminal Value (M)58,824.6861,665.9464,615.93
Equity Value (M)60,855.8763,762.6766,780.04
Shares Outstanding (M)404.44404.44404.44
Fair Value$150.47$157.66$165.12
Upside / Downside375.56%398.28%421.86%

High-Yield Dividend Screener

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