Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sichuan Kexin Mechanical and Electrical Equipment Co.,Ltd (300092.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$5.87 - $12.99$8.46
Multi-Stage$4.56 - $4.96$4.76
Blended Fair Value$6.61
Current Price$16.65
Upside-60.32%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS78.53%31.44%0.230.200.050.040.020.010.010.000.000.01
YoY Growth--15.00%330.09%10.00%177.78%20.00%25.00%4,044.18%-76.66%-88.64%-38.18%
Dividend Yield--1.81%1.83%0.31%0.41%0.18%0.19%0.12%0.00%0.01%0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)81.37
(-) Cash Dividends Paid (M)65.19
(=) Cash Retained (M)16.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.2710.176.10
Cash Retained (M)16.1716.1716.17
(-) Cash Required (M)-16.27-10.17-6.10
(=) Excess Retained (M)-0.106.0010.07
(/) Shares Outstanding (M)273.91273.91273.91
(=) Excess Retained per Share0.000.020.04
LTM Dividend per Share0.240.240.24
(+) Excess Retained per Share0.000.020.04
(=) Adjusted Dividend0.240.260.27
WACC / Discount Rate9.77%9.77%9.77%
Growth Rate5.50%6.50%7.50%
Fair Value$5.87$8.46$12.99
Upside / Downside-64.77%-49.22%-21.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)81.3786.6692.2998.29104.68111.48114.82
Payout Ratio80.12%82.10%84.07%86.05%88.02%90.00%92.50%
Projected Dividends (M)65.1971.1477.5984.5892.14100.33106.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.77%9.77%9.77%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)64.2064.8165.42
Year 2 PV (M)63.1964.3965.60
Year 3 PV (M)62.1563.9465.75
Year 4 PV (M)61.1063.4565.87
Year 5 PV (M)60.0462.9465.95
PV of Terminal Value (M)938.34983.661,030.72
Equity Value (M)1,249.021,303.191,359.32
Shares Outstanding (M)273.91273.91273.91
Fair Value$4.56$4.76$4.96
Upside / Downside-72.61%-71.43%-70.19%

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