Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Xiamen Solex High-tech Industries Co., Ltd. (603992.SS)

Company Dividend Discount ModelIndustry: ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$13.30 - $30.48$19.40
Multi-Stage$9.72 - $10.60$10.15
Blended Fair Value$14.78
Current Price$31.14
Upside-52.55%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.46%0.00%0.440.450.120.190.160.150.081.170.010.01
YoY Growth---2.75%290.32%-38.76%17.94%8.91%87.60%-93.25%8,022.71%27.32%0.00%
Dividend Yield--1.96%2.39%0.69%1.22%0.96%0.83%0.40%5.98%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)284.34
(-) Cash Dividends Paid (M)114.43
(=) Cash Retained (M)169.92
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)56.8735.5421.33
Cash Retained (M)169.92169.92169.92
(-) Cash Required (M)-56.87-35.54-21.33
(=) Excess Retained (M)113.05134.37148.59
(/) Shares Outstanding (M)438.50438.50438.50
(=) Excess Retained per Share0.260.310.34
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.260.310.34
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate9.62%9.62%9.62%
Growth Rate5.50%6.50%7.50%
Fair Value$13.30$19.40$30.48
Upside / Downside-57.29%-37.71%-2.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)284.34302.83322.51343.47365.80389.57401.26
Payout Ratio40.24%50.19%60.15%70.10%80.05%90.00%92.50%
Projected Dividends (M)114.43152.00193.98240.76292.82350.62371.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.62%9.62%9.62%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)137.37138.67139.97
Year 2 PV (M)158.42161.44164.48
Year 3 PV (M)177.70182.80188.00
Year 4 PV (M)195.31202.82210.54
Year 5 PV (M)211.34221.55232.15
PV of Terminal Value (M)3,382.023,545.373,714.97
Equity Value (M)4,262.154,452.654,650.12
Shares Outstanding (M)438.50438.50438.50
Fair Value$9.72$10.15$10.60
Upside / Downside-68.79%-67.39%-65.95%

High-Yield Dividend Screener

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