Definitive Analysis
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Definitive Analysis

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Sector

Wedge Industrial Co.,Ltd. (000534.SZ)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$27.86 - $87.65$82.14
Multi-Stage$11.64 - $12.74$12.18
Blended Fair Value$47.16
Current Price$15.25
Upside209.25%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.13%0.68%0.230.110.110.120.100.110.220.110.190.14
YoY Growth--102.65%5.60%-11.84%18.42%-1.31%-52.75%103.37%-42.61%36.62%-35.61%
Dividend Yield--1.48%0.93%0.64%0.92%0.87%1.11%2.10%0.84%1.26%1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)223.90
(-) Cash Dividends Paid (M)56.53
(=) Cash Retained (M)167.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.7827.9916.79
Cash Retained (M)167.37167.37167.37
(-) Cash Required (M)-44.78-27.99-16.79
(=) Excess Retained (M)122.59139.38150.57
(/) Shares Outstanding (M)507.99507.99507.99
(=) Excess Retained per Share0.240.270.30
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share0.240.270.30
(=) Adjusted Dividend0.350.390.41
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Fair Value$27.86$82.14$87.65
Upside / Downside82.71%438.65%474.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)223.90238.45253.95270.45288.03306.76315.96
Payout Ratio25.25%38.20%51.15%64.10%77.05%90.00%92.50%
Projected Dividends (M)56.5391.08129.89173.36221.93276.08292.26

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)84.4685.2686.06
Year 2 PV (M)111.68113.80115.95
Year 3 PV (M)138.20142.17146.21
Year 4 PV (M)164.05170.36176.85
Year 5 PV (M)189.23198.37207.86
PV of Terminal Value (M)5,223.315,475.605,737.55
Equity Value (M)5,910.926,185.556,470.46
Shares Outstanding (M)507.99507.99507.99
Fair Value$11.64$12.18$12.74
Upside / Downside-23.70%-20.15%-16.48%

High-Yield Dividend Screener

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