Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Zhejiang Qianjiang Motorcycle Co., Ltd. (000913.SZ)

Company Dividend Discount ModelIndustry: Auto - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$48.94 - $202.14$125.80
Multi-Stage$25.08 - $27.39$26.22
Blended Fair Value$76.01
Current Price$17.07
Upside345.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS93.55%31.38%0.790.270.000.000.390.030.020.090.010.03
YoY Growth--193.84%14,677.93%76.26%-99.74%1,253.50%76.70%-82.42%745.61%-56.71%-50.42%
Dividend Yield--4.34%1.87%0.01%0.01%1.62%0.29%0.14%0.58%0.06%0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)530.23
(-) Cash Dividends Paid (M)412.37
(=) Cash Retained (M)117.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)106.0566.2839.77
Cash Retained (M)117.86117.86117.86
(-) Cash Required (M)-106.05-66.28-39.77
(=) Excess Retained (M)11.8151.5878.09
(/) Shares Outstanding (M)521.66521.66521.66
(=) Excess Retained per Share0.020.100.15
LTM Dividend per Share0.790.790.79
(+) Excess Retained per Share0.020.100.15
(=) Adjusted Dividend0.810.890.94
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Fair Value$48.94$125.80$202.14
Upside / Downside186.70%636.99%1,084.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)530.23564.70601.40640.49682.12726.46748.26
Payout Ratio77.77%80.22%82.66%85.11%87.55%90.00%92.50%
Projected Dividends (M)412.37452.99497.14545.12597.23653.82692.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)418.39422.35426.32
Year 2 PV (M)424.10432.17440.33
Year 3 PV (M)429.51441.84454.40
Year 4 PV (M)434.63451.34468.53
Year 5 PV (M)439.46460.69482.73
PV of Terminal Value (M)10,938.9111,467.2712,015.84
Equity Value (M)13,084.9913,675.6614,288.15
Shares Outstanding (M)521.66521.66521.66
Fair Value$25.08$26.22$27.39
Upside / Downside46.95%53.58%60.46%

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