Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Canny Elevator Co., Ltd. (002367.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$80.93 - $95.42$89.39
Multi-Stage$49.91 - $54.93$52.37
Blended Fair Value$70.88
Current Price$6.62
Upside970.70%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.84%9.34%0.350.250.300.300.540.530.750.100.200.23
YoY Growth--41.74%-16.62%0.18%-45.36%2.75%-29.80%650.00%-50.00%-13.60%61.53%
Dividend Yield--4.80%3.43%3.62%4.13%5.36%6.45%8.93%1.05%1.51%1.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)396.47
(-) Cash Dividends Paid (M)239.51
(=) Cash Retained (M)156.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)79.2949.5629.73
Cash Retained (M)156.95156.95156.95
(-) Cash Required (M)-79.29-49.56-29.73
(=) Excess Retained (M)77.66107.40127.22
(/) Shares Outstanding (M)797.65797.65797.65
(=) Excess Retained per Share0.100.130.16
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.100.130.16
(=) Adjusted Dividend0.400.430.46
WACC / Discount Rate1.51%1.51%1.51%
Growth Rate1.77%2.77%3.77%
Fair Value$80.93$89.39$95.42
Upside / Downside1,122.53%1,250.28%1,341.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)396.47407.43418.70430.28442.18454.41468.04
Payout Ratio60.41%66.33%72.25%78.16%84.08%90.00%92.50%
Projected Dividends (M)239.51270.25302.50336.33371.80408.97432.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.51%1.51%1.51%
Growth Rate1.77%2.77%3.77%
Year 1 PV (M)263.63266.22268.81
Year 2 PV (M)287.87293.55299.29
Year 3 PV (M)312.22321.52330.99
Year 4 PV (M)336.70350.13363.96
Year 5 PV (M)361.29379.40398.22
PV of Terminal Value (M)38,246.9840,163.4442,155.97
Equity Value (M)39,808.6941,774.2543,817.24
Shares Outstanding (M)797.65797.65797.65
Fair Value$49.91$52.37$54.93
Upside / Downside653.89%691.11%729.80%

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