Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanghai Emperor of Cleaning Hi-Tech Co., Ltd (603200.SS)

Company Dividend Discount ModelIndustry: Industrial - Pollution & Treatment ControlsSector: Industrials

Valuation Snapshot

Stable Growth$4.11 - $5.82$4.96
Multi-Stage$9.13 - $10.07$9.59
Blended Fair Value$7.27
Current Price$90.79
Upside-91.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.92%0.00%0.120.120.100.100.040.140.340.000.000.00
YoY Growth--5.42%13.99%-2.37%194.02%-75.00%-58.83%2,649,662.75%0.00%0.00%0.00%
Dividend Yield--0.34%0.49%0.45%0.67%0.23%0.51%2.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)114.01
(-) Cash Dividends Paid (M)22.86
(=) Cash Retained (M)91.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.8014.258.55
Cash Retained (M)91.1591.1591.15
(-) Cash Required (M)-22.80-14.25-8.55
(=) Excess Retained (M)68.3576.9082.60
(/) Shares Outstanding (M)175.46175.46175.46
(=) Excess Retained per Share0.390.440.47
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.390.440.47
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate-4.66%-3.66%-2.66%
Fair Value$4.11$4.96$5.82
Upside / Downside-95.47%-94.54%-93.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)114.01109.84105.82101.9598.2294.6297.46
Payout Ratio20.05%34.04%48.03%62.02%76.01%90.00%92.50%
Projected Dividends (M)22.8637.3950.8263.2374.6585.1690.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.39%7.39%7.39%
Growth Rate-4.66%-3.66%-2.66%
Year 1 PV (M)34.4534.8135.18
Year 2 PV (M)43.1644.0744.99
Year 3 PV (M)49.4851.0552.66
Year 4 PV (M)53.8356.1358.49
Year 5 PV (M)56.5959.6262.78
PV of Terminal Value (M)1,364.221,437.281,513.44
Equity Value (M)1,601.731,682.961,767.53
Shares Outstanding (M)175.46175.46175.46
Fair Value$9.13$9.59$10.07
Upside / Downside-89.95%-89.44%-88.90%

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