Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

DongHua Testing Technology Co. , Ltd. (300354.SZ)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$151.83 - $178.88$167.64
Multi-Stage$124.72 - $136.90$130.70
Blended Fair Value$149.17
Current Price$48.29
Upside208.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS34.08%10.46%0.130.180.180.110.050.030.010.010.020.02
YoY Growth---26.46%1.06%59.03%120.00%66.67%166.91%124.75%-67.07%-15.63%-62.57%
Dividend Yield--0.30%0.39%0.40%0.36%0.37%0.27%0.10%0.04%0.07%0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)124.09
(-) Cash Dividends Paid (M)24.68
(=) Cash Retained (M)99.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.8215.519.31
Cash Retained (M)99.4199.4199.41
(-) Cash Required (M)-24.82-15.51-9.31
(=) Excess Retained (M)74.5983.9090.10
(/) Shares Outstanding (M)137.95137.95137.95
(=) Excess Retained per Share0.540.610.65
LTM Dividend per Share0.180.180.18
(+) Excess Retained per Share0.540.610.65
(=) Adjusted Dividend0.720.790.83
WACC / Discount Rate-1.56%-1.56%-1.56%
Growth Rate5.50%6.50%7.50%
Fair Value$151.83$167.64$178.88
Upside / Downside214.42%247.15%270.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)124.09132.15140.74149.89159.64170.01175.11
Payout Ratio19.89%33.91%47.93%61.95%75.98%90.00%92.50%
Projected Dividends (M)24.6844.8167.4692.87121.29153.01161.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.56%-1.56%-1.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)45.1045.5245.95
Year 2 PV (M)68.3269.6270.93
Year 3 PV (M)94.6497.35100.12
Year 4 PV (M)124.38129.16134.08
Year 5 PV (M)157.90165.53173.45
PV of Terminal Value (M)16,715.9817,523.3718,361.66
Equity Value (M)17,206.3118,030.5618,886.19
Shares Outstanding (M)137.95137.95137.95
Fair Value$124.72$130.70$136.90
Upside / Downside158.28%170.65%183.50%

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