Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

New Dazheng Property Group Co., Ltd. (002968.SZ)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$8.37 - $16.97$11.69
Multi-Stage$11.93 - $13.09$12.50
Blended Fair Value$12.10
Current Price$11.67
Upside3.66%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.84%0.00%0.290.310.360.260.200.240.190.130.390.06
YoY Growth---5.83%-15.31%37.62%33.06%-17.33%27.88%40.05%-65.92%541.99%0.00%
Dividend Yield--3.10%3.04%1.60%1.02%0.60%1.17%1.53%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)110.59
(-) Cash Dividends Paid (M)65.56
(=) Cash Retained (M)45.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.1213.828.29
Cash Retained (M)45.0345.0345.03
(-) Cash Required (M)-22.12-13.82-8.29
(=) Excess Retained (M)22.9131.2136.73
(/) Shares Outstanding (M)224.99224.99224.99
(=) Excess Retained per Share0.100.140.16
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.100.140.16
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate1.84%2.84%3.84%
Fair Value$8.37$11.69$16.97
Upside / Downside-28.24%0.21%45.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)110.59113.73116.96120.28123.70127.21131.03
Payout Ratio59.28%65.43%71.57%77.71%83.86%90.00%92.50%
Projected Dividends (M)65.5674.4183.7193.48103.73114.49121.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate1.84%2.84%3.84%
Year 1 PV (M)69.1169.7970.47
Year 2 PV (M)72.2173.6375.07
Year 3 PV (M)74.8977.1279.39
Year 4 PV (M)77.1980.2683.43
Year 5 PV (M)79.1383.0987.21
PV of Terminal Value (M)2,312.712,428.512,548.90
Equity Value (M)2,685.242,812.402,944.47
Shares Outstanding (M)224.99224.99224.99
Fair Value$11.93$12.50$13.09
Upside / Downside2.27%7.11%12.14%

High-Yield Dividend Screener

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