Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ongoal Technology Co., Ltd. (301662.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$32.27 - $70.22$46.24
Multi-Stage$144.23 - $159.28$151.60
Blended Fair Value$98.92
Current Price$129.05
Upside-23.34%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.340.200.070.030.030.000.000.000.000.00
YoY Growth--65.52%203.70%124.77%9.85%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.48%0.29%0.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)125.79
(-) Cash Dividends Paid (M)87.61
(=) Cash Retained (M)38.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.1615.729.43
Cash Retained (M)38.1838.1838.18
(-) Cash Required (M)-25.16-15.72-9.43
(=) Excess Retained (M)13.0222.4528.74
(/) Shares Outstanding (M)69.9469.9469.94
(=) Excess Retained per Share0.190.320.41
LTM Dividend per Share1.251.251.25
(+) Excess Retained per Share0.190.320.41
(=) Adjusted Dividend1.441.571.66
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-2.00%-1.00%0.00%
Fair Value$32.27$46.24$70.22
Upside / Downside-74.99%-64.17%-45.58%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)125.79124.53123.29122.05120.83119.63123.21
Payout Ratio69.65%73.72%77.79%81.86%85.93%90.00%92.50%
Projected Dividends (M)87.6191.8195.9199.91103.83107.66113.97

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)88.7889.6890.59
Year 2 PV (M)89.6891.5293.38
Year 3 PV (M)90.3493.1495.99
Year 4 PV (M)90.7994.5598.43
Year 5 PV (M)91.0395.77100.70
PV of Terminal Value (M)9,636.3410,138.1310,660.60
Equity Value (M)10,086.9510,602.7811,139.68
Shares Outstanding (M)69.9469.9469.94
Fair Value$144.23$151.60$159.28
Upside / Downside11.76%17.48%23.43%

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