Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Weiming Environment Protection Co., Ltd. (603568.SS)

Company Dividend Discount ModelIndustry: Waste ManagementSector: Industrials

Valuation Snapshot

Stable Growth$267.49 - $315.15$295.34
Multi-Stage$87.74 - $96.20$91.89
Blended Fair Value$193.61
Current Price$19.72
Upside881.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.53%17.99%0.360.190.100.220.170.130.100.080.050.02
YoY Growth--91.61%93.08%-55.49%27.03%32.03%31.99%25.10%51.43%122.45%-65.96%
Dividend Yield--1.71%1.01%0.54%0.99%1.03%0.78%0.98%0.94%0.58%0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,727.96
(-) Cash Dividends Paid (M)931.37
(=) Cash Retained (M)1,796.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)545.59341.00204.60
Cash Retained (M)1,796.591,796.591,796.59
(-) Cash Required (M)-545.59-341.00-204.60
(=) Excess Retained (M)1,251.001,455.601,591.99
(/) Shares Outstanding (M)1,721.491,721.491,721.49
(=) Excess Retained per Share0.730.850.92
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share0.730.850.92
(=) Adjusted Dividend1.271.391.47
WACC / Discount Rate4.89%4.89%4.89%
Growth Rate5.50%6.50%7.50%
Fair Value$267.49$295.34$315.15
Upside / Downside1,256.44%1,397.67%1,498.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,727.962,905.283,094.133,295.243,509.433,737.553,849.67
Payout Ratio34.14%45.31%56.49%67.66%78.83%90.00%92.50%
Projected Dividends (M)931.371,316.481,747.722,229.452,766.433,363.793,560.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.89%4.89%4.89%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,243.331,255.121,266.90
Year 2 PV (M)1,558.891,588.581,618.56
Year 3 PV (M)1,878.091,932.001,986.93
Year 4 PV (M)2,200.952,285.592,372.65
Year 5 PV (M)2,527.502,649.582,776.33
PV of Terminal Value (M)141,634.56148,475.56155,578.39
Equity Value (M)151,043.32158,186.43165,599.76
Shares Outstanding (M)1,721.491,721.491,721.49
Fair Value$87.74$91.89$96.20
Upside / Downside344.93%365.97%387.81%

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