Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Xuchang KETOP Testing Research Institute Co.,Ltd (003008.SZ)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$6.18 - $8.94$7.52
Multi-Stage$10.27 - $11.23$10.74
Blended Fair Value$9.13
Current Price$21.44
Upside-57.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS15.02%0.00%0.590.390.390.470.000.290.230.190.000.00
YoY Growth--51.00%0.00%-16.67%0.00%-100.00%25.00%20.00%0.00%0.00%0.00%
Dividend Yield--2.84%2.22%1.87%2.29%0.00%0.87%0.69%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)87.42
(-) Cash Dividends Paid (M)67.60
(=) Cash Retained (M)19.82
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.4810.936.56
Cash Retained (M)19.8219.8219.82
(-) Cash Required (M)-17.48-10.93-6.56
(=) Excess Retained (M)2.348.9013.27
(/) Shares Outstanding (M)102.75102.75102.75
(=) Excess Retained per Share0.020.090.13
LTM Dividend per Share0.660.660.66
(+) Excess Retained per Share0.020.090.13
(=) Adjusted Dividend0.680.740.79
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate-1.53%-0.53%0.47%
Fair Value$6.18$7.52$8.94
Upside / Downside-71.18%-64.93%-58.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)87.4286.9686.5086.0485.5885.1287.68
Payout Ratio77.32%79.86%82.39%84.93%87.46%90.00%92.50%
Projected Dividends (M)67.6069.4471.2773.0774.8576.6181.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.32%9.32%9.32%
Growth Rate-1.53%-0.53%0.47%
Year 1 PV (M)62.8963.5364.17
Year 2 PV (M)58.4559.6460.84
Year 3 PV (M)54.2755.9457.64
Year 4 PV (M)50.3452.4254.56
Year 5 PV (M)46.6649.0851.59
PV of Terminal Value (M)782.16822.69864.89
Equity Value (M)1,054.761,103.291,153.69
Shares Outstanding (M)102.75102.75102.75
Fair Value$10.27$10.74$11.23
Upside / Downside-52.12%-49.92%-47.63%

High-Yield Dividend Screener

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