Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Zhejiang Jinggong Science & Technology Co., Ltd (002006.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$8.54 - $18.85$12.30
Multi-Stage$6.71 - $7.35$7.02
Blended Fair Value$9.66
Current Price$22.09
Upside-56.27%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS46.79%5.27%0.150.190.020.020.020.020.040.030.020.04
YoY Growth---21.82%973.15%-18.19%-9.02%9.14%-45.72%12.79%63.82%-52.03%-49.02%
Dividend Yield--0.90%1.23%0.07%0.09%0.37%0.51%0.64%0.53%0.23%0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)218.65
(-) Cash Dividends Paid (M)5.76
(=) Cash Retained (M)212.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.7327.3316.40
Cash Retained (M)212.89212.89212.89
(-) Cash Required (M)-43.73-27.33-16.40
(=) Excess Retained (M)169.16185.56196.50
(/) Shares Outstanding (M)499.85499.85499.85
(=) Excess Retained per Share0.340.370.39
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.340.370.39
(=) Adjusted Dividend0.350.380.40
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate4.72%5.72%6.72%
Fair Value$8.54$12.30$18.85
Upside / Downside-61.34%-44.34%-14.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)218.65231.17244.40258.38273.17288.80297.47
Payout Ratio2.63%20.11%37.58%55.05%72.53%90.00%92.50%
Projected Dividends (M)5.7646.4891.84142.25198.12259.92275.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.01%9.01%9.01%
Growth Rate4.72%5.72%6.72%
Year 1 PV (M)42.2342.6443.04
Year 2 PV (M)75.8377.2878.75
Year 3 PV (M)106.71109.80112.94
Year 4 PV (M)135.05140.28145.66
Year 5 PV (M)160.99168.82176.96
PV of Terminal Value (M)2,833.662,971.573,114.79
Equity Value (M)3,354.483,510.393,672.15
Shares Outstanding (M)499.85499.85499.85
Fair Value$6.71$7.02$7.35
Upside / Downside-69.62%-68.21%-66.74%

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