Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ludan Engineering Co. Ltd (LUDN.TA)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$27.30 - $55.14$38.08
Multi-Stage$48.32 - $53.06$50.65
Blended Fair Value$44.36
Current Price$14.16
Upside213.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS86.35%0.00%3.101.030.500.500.130.140.030.000.090.08
YoY Growth--201.24%105.83%0.00%285.93%-6.10%347.89%0.00%-100.00%6.63%0.00%
Dividend Yield--15.29%5.73%3.69%2.95%1.40%3.57%0.48%0.00%0.98%2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)18.70
(-) Cash Dividends Paid (M)12.11
(=) Cash Retained (M)6.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.742.341.40
Cash Retained (M)6.606.606.60
(-) Cash Required (M)-3.74-2.34-1.40
(=) Excess Retained (M)2.864.265.19
(/) Shares Outstanding (M)11.5311.5311.53
(=) Excess Retained per Share0.250.370.45
LTM Dividend per Share1.051.051.05
(+) Excess Retained per Share0.250.370.45
(=) Adjusted Dividend1.301.421.50
WACC / Discount Rate5.87%5.87%5.87%
Growth Rate1.06%2.06%3.06%
Fair Value$27.30$38.08$55.14
Upside / Downside92.80%168.93%289.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)18.7019.0919.4819.8820.2920.7121.33
Payout Ratio64.73%69.78%74.84%79.89%84.95%90.00%92.50%
Projected Dividends (M)12.1113.3214.5815.8917.2418.6419.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.87%5.87%5.87%
Growth Rate1.06%2.06%3.06%
Year 1 PV (M)12.4612.5812.70
Year 2 PV (M)12.7513.0113.26
Year 3 PV (M)13.0013.3913.78
Year 4 PV (M)13.1913.7214.27
Year 5 PV (M)13.3414.0214.72
PV of Terminal Value (M)492.18517.01542.84
Equity Value (M)556.92583.72611.58
Shares Outstanding (M)11.5311.5311.53
Fair Value$48.32$50.65$53.06
Upside / Downside241.25%257.68%274.75%

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