Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Tederic Machinery Co., Ltd. (603289.SS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$59.45 - $70.04$65.64
Multi-Stage$40.17 - $44.08$42.09
Blended Fair Value$53.86
Current Price$10.92
Upside393.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.46%10.72%0.160.160.200.200.180.180.090.050.030.03
YoY Growth--0.13%-20.87%0.56%10.84%0.00%101.21%97.07%48.89%1.06%-47.45%
Dividend Yield--1.81%1.73%1.84%1.98%2.31%2.34%0.74%0.35%0.35%0.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)104.60
(-) Cash Dividends Paid (M)46.83
(=) Cash Retained (M)57.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)20.9213.077.84
Cash Retained (M)57.7657.7657.76
(-) Cash Required (M)-20.92-13.07-7.84
(=) Excess Retained (M)36.8444.6949.92
(/) Shares Outstanding (M)296.72296.72296.72
(=) Excess Retained per Share0.120.150.17
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.120.150.17
(=) Adjusted Dividend0.280.310.33
WACC / Discount Rate2.41%2.41%2.41%
Growth Rate5.40%6.40%7.40%
Fair Value$59.45$65.64$70.04
Upside / Downside444.38%501.06%541.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)104.60111.29118.41125.99134.05142.63146.90
Payout Ratio44.78%53.82%62.87%71.91%80.96%90.00%92.50%
Projected Dividends (M)46.8359.9074.4490.60108.52128.36135.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.41%2.41%2.41%
Growth Rate5.40%6.40%7.40%
Year 1 PV (M)57.9458.4959.03
Year 2 PV (M)69.6570.9772.31
Year 3 PV (M)81.9984.3586.75
Year 4 PV (M)94.9998.65102.41
Year 5 PV (M)108.69113.94119.40
PV of Terminal Value (M)11,505.7512,062.0312,639.61
Equity Value (M)11,919.0012,488.4213,079.52
Shares Outstanding (M)296.72296.72296.72
Fair Value$40.17$42.09$44.08
Upside / Downside267.85%285.42%303.67%

High-Yield Dividend Screener

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