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Zhejiang Hangmin Co.,Ltd (600987.SS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$71.54 - $140.85$132.00
Multi-Stage$21.97 - $24.04$22.99
Blended Fair Value$77.49
Current Price$7.07
Upside996.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.46%8.31%0.370.340.330.230.260.240.230.190.160.17
YoY Growth--10.53%2.02%41.01%-11.20%11.29%1.24%24.15%13.82%-0.36%-0.79%
Dividend Yield--5.21%4.39%3.93%4.27%4.71%4.20%3.60%1.95%2.23%2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)727.25
(-) Cash Dividends Paid (M)347.27
(=) Cash Retained (M)379.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)145.4590.9154.54
Cash Retained (M)379.98379.98379.98
(-) Cash Required (M)-145.45-90.91-54.54
(=) Excess Retained (M)234.53289.07325.44
(/) Shares Outstanding (M)1,026.841,026.841,026.84
(=) Excess Retained per Share0.230.280.32
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.230.280.32
(=) Adjusted Dividend0.570.620.66
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate5.50%6.50%7.50%
Fair Value$71.54$132.00$140.85
Upside / Downside911.83%1,767.02%1,892.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)727.25774.52824.87878.48935.58996.401,026.29
Payout Ratio47.75%56.20%64.65%73.10%81.55%90.00%92.50%
Projected Dividends (M)347.27435.29533.28642.17762.97896.76949.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)405.51409.35413.20
Year 2 PV (M)462.81471.63480.53
Year 3 PV (M)519.19534.09549.28
Year 4 PV (M)574.65596.75619.48
Year 5 PV (M)629.21659.60691.15
PV of Terminal Value (M)19,969.1120,933.6321,935.06
Equity Value (M)22,560.4823,605.0524,688.69
Shares Outstanding (M)1,026.841,026.841,026.84
Fair Value$21.97$22.99$24.04
Upside / Downside210.76%225.15%240.08%

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