Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen Sinexcel Electric Co.,Ltd. (300693.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$30.46 - $74.16$45.33
Multi-Stage$21.72 - $23.71$22.70
Blended Fair Value$34.01
Current Price$41.38
Upside-17.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS45.11%0.00%0.350.160.090.080.050.050.090.040.000.00
YoY Growth--123.23%66.63%18.14%50.16%-2.50%-38.41%110.53%0.00%0.00%0.00%
Dividend Yield--0.99%0.51%0.24%0.46%0.45%0.82%1.07%0.45%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)435.02
(-) Cash Dividends Paid (M)160.47
(=) Cash Retained (M)274.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)87.0054.3832.63
Cash Retained (M)274.55274.55274.55
(-) Cash Required (M)-87.00-54.38-32.63
(=) Excess Retained (M)187.55220.18241.93
(/) Shares Outstanding (M)311.04311.04311.04
(=) Excess Retained per Share0.600.710.78
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.600.710.78
(=) Adjusted Dividend1.121.221.29
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate5.50%6.50%7.50%
Fair Value$30.46$45.33$74.16
Upside / Downside-26.39%9.54%79.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)435.02463.30493.41525.48559.64596.01613.90
Payout Ratio36.89%47.51%58.13%68.75%79.38%90.00%92.50%
Projected Dividends (M)160.47220.11286.83361.29444.23536.41567.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.38%9.38%9.38%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)199.35201.24203.13
Year 2 PV (M)235.28239.77244.29
Year 3 PV (M)268.42276.12283.97
Year 4 PV (M)298.91310.40322.23
Year 5 PV (M)326.90342.69359.08
PV of Terminal Value (M)5,428.085,690.265,962.47
Equity Value (M)6,756.957,060.487,375.18
Shares Outstanding (M)311.04311.04311.04
Fair Value$21.72$22.70$23.71
Upside / Downside-47.50%-45.14%-42.70%

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