Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Sunoren Solar Technology Co.,Ltd. (603105.SS)

Company Dividend Discount ModelIndustry: SolarSector: Energy

Valuation Snapshot

Stable Growth$17.00 - $79.53$37.84
Multi-Stage$9.26 - $10.11$9.68
Blended Fair Value$23.76
Current Price$9.25
Upside156.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.43%16.64%0.250.260.220.200.130.200.060.030.010.05
YoY Growth---2.48%13.75%14.24%48.34%-33.94%213.35%153.64%315.80%-87.21%-11.17%
Dividend Yield--2.82%2.65%1.43%1.53%1.62%2.59%0.40%0.36%0.09%0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)193.72
(-) Cash Dividends Paid (M)128.56
(=) Cash Retained (M)65.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.7424.2114.53
Cash Retained (M)65.1665.1665.16
(-) Cash Required (M)-38.74-24.21-14.53
(=) Excess Retained (M)26.4240.9550.63
(/) Shares Outstanding (M)484.41484.41484.41
(=) Excess Retained per Share0.050.080.10
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.050.080.10
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate7.48%7.48%7.48%
Growth Rate5.50%6.50%7.50%
Fair Value$17.00$37.84$79.53
Upside / Downside83.83%309.03%759.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)193.72206.31219.72234.00249.21265.41273.37
Payout Ratio66.36%71.09%75.82%80.55%85.27%90.00%92.50%
Projected Dividends (M)128.56146.67166.59188.48212.51238.87252.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.48%7.48%7.48%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)135.17136.46137.74
Year 2 PV (M)141.50144.20146.92
Year 3 PV (M)147.55151.78156.10
Year 4 PV (M)153.32159.22165.28
Year 5 PV (M)158.83166.50174.47
PV of Terminal Value (M)3,749.023,930.094,118.10
Equity Value (M)4,485.394,688.254,898.61
Shares Outstanding (M)484.41484.41484.41
Fair Value$9.26$9.68$10.11
Upside / Downside0.10%4.63%9.32%

High-Yield Dividend Screener

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