Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Foshan Electrical and Lighting Co.,Ltd (000541.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$36.81 - $43.37$40.64
Multi-Stage$24.72 - $27.14$25.91
Blended Fair Value$33.28
Current Price$6.33
Upside425.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.52%2.59%0.130.090.090.090.170.140.270.350.010.14
YoY Growth--49.88%0.00%-0.70%-47.52%18.59%-47.84%-21.67%3,260.00%-92.61%37.50%
Dividend Yield--1.89%1.48%1.54%1.69%2.68%3.14%4.39%4.40%0.11%1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)336.27
(-) Cash Dividends Paid (M)11.82
(=) Cash Retained (M)324.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.2542.0325.22
Cash Retained (M)324.44324.44324.44
(-) Cash Required (M)-67.25-42.03-25.22
(=) Excess Retained (M)257.19282.41299.22
(/) Shares Outstanding (M)1,542.051,542.051,542.05
(=) Excess Retained per Share0.170.180.19
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.170.180.19
(=) Adjusted Dividend0.170.190.20
WACC / Discount Rate2.46%2.46%2.46%
Growth Rate5.50%6.50%7.50%
Fair Value$36.81$40.64$43.37
Upside / Downside481.51%542.06%585.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)336.27358.13381.40406.20432.60460.72474.54
Payout Ratio3.52%20.81%38.11%55.41%72.70%90.00%92.50%
Projected Dividends (M)11.8274.54145.35225.06314.51414.65438.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.46%2.46%2.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)72.0772.7573.43
Year 2 PV (M)135.88138.47141.08
Year 3 PV (M)203.42209.26215.21
Year 4 PV (M)274.86285.43296.30
Year 5 PV (M)350.36367.28384.85
PV of Terminal Value (M)37,089.2338,880.6640,740.64
Equity Value (M)38,125.8239,953.8441,851.52
Shares Outstanding (M)1,542.051,542.051,542.05
Fair Value$24.72$25.91$27.14
Upside / Downside290.59%309.31%328.76%

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