Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhongji Innolight Co., Ltd. (300308.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$1,297.32 - $1,528.46$1,432.39
Multi-Stage$900.08 - $988.01$943.22
Blended Fair Value$1,187.81
Current Price$403.68
Upside194.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS28.11%65.16%0.360.190.210.150.110.100.060.020.000.00
YoY Growth--93.04%-11.25%38.89%38.33%4.82%77.08%213.13%863.93%-32.46%21.29%
Dividend Yield--0.36%0.16%0.50%0.67%0.43%0.27%0.20%0.05%0.01%0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,550.76
(-) Cash Dividends Paid (M)603.04
(=) Cash Retained (M)7,947.72
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,710.151,068.84641.31
Cash Retained (M)7,947.727,947.727,947.72
(-) Cash Required (M)-1,710.15-1,068.84-641.31
(=) Excess Retained (M)6,237.576,878.887,306.42
(/) Shares Outstanding (M)1,112.581,112.581,112.58
(=) Excess Retained per Share5.616.186.57
LTM Dividend per Share0.540.540.54
(+) Excess Retained per Share5.616.186.57
(=) Adjusted Dividend6.156.727.11
WACC / Discount Rate1.80%1.80%1.80%
Growth Rate5.50%6.50%7.50%
Fair Value$1,297.32$1,432.39$1,528.46
Upside / Downside221.37%254.83%278.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,550.769,106.569,698.4810,328.8911,000.2611,715.2812,066.74
Payout Ratio7.05%23.64%40.23%56.82%73.41%90.00%92.50%
Projected Dividends (M)603.042,152.973,901.845,868.978,075.3510,543.7511,161.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.80%1.80%1.80%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,094.992,114.852,134.71
Year 2 PV (M)3,694.533,764.913,835.94
Year 3 PV (M)5,407.515,562.745,720.91
Year 4 PV (M)7,240.057,518.487,804.87
Year 5 PV (M)9,198.579,642.8710,104.17
PV of Terminal Value (M)973,771.311,020,804.831,069,638.43
Equity Value (M)1,001,406.971,049,408.671,099,239.03
Shares Outstanding (M)1,112.581,112.581,112.58
Fair Value$900.08$943.22$988.01
Upside / Downside122.97%133.66%144.75%

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