Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Liming Intelligent Manufacturing Co.,Ltd. (603048.SS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$64.85 - $76.51$71.65
Multi-Stage$41.54 - $45.91$43.68
Blended Fair Value$57.67
Current Price$20.39
Upside182.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS-17.17%0.00%0.430.230.240.200.161.090.100.300.000.00
YoY Growth--83.57%-2.00%19.62%26.71%-85.70%1,031.20%-68.04%0.00%0.00%0.00%
Dividend Yield--2.41%1.46%1.39%0.97%0.62%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)61.28
(-) Cash Dividends Paid (M)10.51
(=) Cash Retained (M)50.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.267.664.60
Cash Retained (M)50.7850.7850.78
(-) Cash Required (M)-12.26-7.66-4.60
(=) Excess Retained (M)38.5243.1246.18
(/) Shares Outstanding (M)148.19148.19148.19
(=) Excess Retained per Share0.260.290.31
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.260.290.31
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate-2.42%-2.42%-2.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$64.85$71.65$76.51
Upside / Downside218.02%251.39%275.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)61.2860.6760.0759.4658.8758.2860.03
Payout Ratio17.14%31.71%46.29%60.86%75.43%90.00%92.50%
Projected Dividends (M)10.5119.2427.8036.1944.4052.4555.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-2.42%-2.42%-2.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)19.5219.7219.92
Year 2 PV (M)28.6129.2029.79
Year 3 PV (M)37.7838.9540.14
Year 4 PV (M)47.0348.9850.99
Year 5 PV (M)56.3659.3062.35
PV of Terminal Value (M)5,966.586,277.276,600.78
Equity Value (M)6,155.896,473.436,803.98
Shares Outstanding (M)148.19148.19148.19
Fair Value$41.54$43.68$45.91
Upside / Downside103.73%114.24%125.18%

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