Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hefei Kewell Power System Co.,Ltd. (688551.SS)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$51.26 - $107.53$100.70
Multi-Stage$55.24 - $61.02$58.07
Blended Fair Value$79.39
Current Price$43.80
Upside81.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS44.51%0.00%0.610.360.220.190.120.100.110.040.000.00
YoY Growth--67.70%65.90%14.77%56.86%25.84%-11.69%154.95%0.00%0.00%0.00%
Dividend Yield--2.20%0.67%0.38%0.41%0.46%0.19%0.22%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.00
(-) Cash Dividends Paid (M)33.76
(=) Cash Retained (M)15.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.806.133.68
Cash Retained (M)15.2415.2415.24
(-) Cash Required (M)-9.80-6.13-3.68
(=) Excess Retained (M)5.449.1111.56
(/) Shares Outstanding (M)84.3184.3184.31
(=) Excess Retained per Share0.060.110.14
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.060.110.14
(=) Adjusted Dividend0.470.510.54
WACC / Discount Rate-1.11%-1.11%-1.11%
Growth Rate-2.00%-1.00%0.00%
Fair Value$51.26$100.70$107.53
Upside / Downside17.04%129.92%145.51%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.0048.5148.0347.5547.0746.6048.00
Payout Ratio68.90%73.12%77.34%81.56%85.78%90.00%92.50%
Projected Dividends (M)33.7635.4737.1538.7840.3841.9444.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.11%-1.11%-1.11%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)35.5135.8736.23
Year 2 PV (M)37.2237.9938.76
Year 3 PV (M)38.9040.1041.33
Year 4 PV (M)40.5442.2243.96
Year 5 PV (M)42.1644.3546.64
PV of Terminal Value (M)4,462.744,695.124,937.09
Equity Value (M)4,657.074,895.665,144.00
Shares Outstanding (M)84.3184.3184.31
Fair Value$55.24$58.07$61.02
Upside / Downside26.12%32.58%39.31%

High-Yield Dividend Screener

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