Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhongtai Securities Co., Ltd. (600918.SS)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$3.65 - $6.82$4.95
Multi-Stage$10.19 - $11.22$10.70
Blended Fair Value$7.82
Current Price$6.95
Upside12.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.30%29.94%0.350.340.380.390.310.370.340.370.380.15
YoY Growth--1.79%-9.31%-3.60%24.39%-15.39%9.75%-7.64%-4.43%156.70%489.27%
Dividend Yield--5.40%5.07%5.61%4.78%2.35%5.87%5.35%5.79%6.06%2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,734.61
(-) Cash Dividends Paid (M)1,182.95
(=) Cash Retained (M)551.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)346.92216.83130.10
Cash Retained (M)551.66551.66551.66
(-) Cash Required (M)-346.92-216.83-130.10
(=) Excess Retained (M)204.74334.83421.56
(/) Shares Outstanding (M)6,956.896,956.896,956.89
(=) Excess Retained per Share0.030.050.06
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.030.050.06
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate-0.48%0.52%1.52%
Fair Value$3.65$4.95$6.82
Upside / Downside-47.42%-28.80%-1.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,734.611,743.631,752.691,761.811,770.961,780.171,833.58
Payout Ratio68.20%72.56%76.92%81.28%85.64%90.00%92.50%
Projected Dividends (M)1,182.951,265.131,348.141,431.971,516.641,602.151,696.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate-0.48%0.52%1.52%
Year 1 PV (M)1,193.451,205.451,217.44
Year 2 PV (M)1,199.701,223.931,248.40
Year 3 PV (M)1,202.101,238.701,276.04
Year 4 PV (M)1,201.041,250.051,300.54
Year 5 PV (M)1,196.871,258.221,322.07
PV of Terminal Value (M)64,921.5768,249.5271,712.57
Equity Value (M)70,914.7474,425.8878,077.06
Shares Outstanding (M)6,956.896,956.896,956.89
Fair Value$10.19$10.70$11.22
Upside / Downside46.67%53.93%61.48%

High-Yield Dividend Screener

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