Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nanjing Gaoke Company Limited (600064.SS)

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

Valuation Snapshot

Stable Growth$12.22 - $18.77$15.27
Multi-Stage$26.22 - $28.90$27.53
Blended Fair Value$21.40
Current Price$8.06
Upside165.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.40%4.56%0.440.470.540.360.370.220.150.300.250.17
YoY Growth---6.68%-11.58%49.85%-2.19%69.21%46.10%-50.68%20.73%46.67%-40.21%
Dividend Yield--6.05%7.50%8.07%4.89%5.08%3.66%1.75%5.69%3.99%2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,325.22
(-) Cash Dividends Paid (M)362.72
(=) Cash Retained (M)1,962.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)465.04290.65174.39
Cash Retained (M)1,962.501,962.501,962.50
(-) Cash Required (M)-465.04-290.65-174.39
(=) Excess Retained (M)1,497.461,671.851,788.11
(/) Shares Outstanding (M)1,730.351,730.351,730.35
(=) Excess Retained per Share0.870.971.03
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.870.971.03
(=) Adjusted Dividend1.081.181.24
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.22$15.27$18.77
Upside / Downside51.60%89.49%132.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,325.222,301.972,278.952,256.162,233.602,211.262,277.60
Payout Ratio15.60%30.48%45.36%60.24%75.12%90.00%92.50%
Projected Dividends (M)362.72701.631,033.721,359.101,677.871,990.132,106.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)651.40658.05664.70
Year 2 PV (M)891.03909.31927.77
Year 3 PV (M)1,087.641,121.281,155.60
Year 4 PV (M)1,246.631,298.301,351.55
Year 5 PV (M)1,372.791,444.281,518.71
PV of Terminal Value (M)40,124.2942,213.6544,389.16
Equity Value (M)45,373.7847,644.8650,007.49
Shares Outstanding (M)1,730.351,730.351,730.35
Fair Value$26.22$27.53$28.90
Upside / Downside225.34%241.62%258.56%

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