Definitive Analysis
Definitive Analysis

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China Ecotek Corporation (1535.TW)

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

Valuation Snapshot

Stable Growth$56.13 - $101.70$75.12
Multi-Stage$89.03 - $97.58$93.22
Blended Fair Value$84.17
Current Price$55.00
Upside53.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.57%-0.59%3.292.992.591.351.201.101.251.802.994.49
YoY Growth--10.00%15.38%92.59%12.50%9.09%-12.00%-30.56%-40.00%-33.33%28.57%
Dividend Yield--5.72%4.02%5.30%3.13%2.99%4.05%3.69%3.97%6.44%7.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)492.98
(-) Cash Dividends Paid (M)371.23
(=) Cash Retained (M)121.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)98.6061.6236.97
Cash Retained (M)121.76121.76121.76
(-) Cash Required (M)-98.60-61.62-36.97
(=) Excess Retained (M)23.1660.1384.78
(/) Shares Outstanding (M)124.05124.05124.05
(=) Excess Retained per Share0.190.480.68
LTM Dividend per Share2.992.992.99
(+) Excess Retained per Share0.190.480.68
(=) Adjusted Dividend3.183.483.68
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate1.11%2.11%3.11%
Fair Value$56.13$75.12$101.70
Upside / Downside2.06%36.58%84.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)492.98503.40514.03524.89535.98547.30563.72
Payout Ratio75.30%78.24%81.18%84.12%87.06%90.00%92.50%
Projected Dividends (M)371.23393.87417.30441.54466.63492.57521.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate1.11%2.11%3.11%
Year 1 PV (M)365.04368.65372.26
Year 2 PV (M)358.46365.58372.78
Year 3 PV (M)351.53362.06372.80
Year 4 PV (M)344.31358.13372.37
Year 5 PV (M)336.86353.85371.52
PV of Terminal Value (M)9,288.259,756.7210,243.92
Equity Value (M)11,044.4411,565.0012,105.65
Shares Outstanding (M)124.05124.05124.05
Fair Value$89.03$93.22$97.58
Upside / Downside61.87%69.50%77.42%

High-Yield Dividend Screener

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