Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

China National Electric Apparatus Research Institute Co., Ltd. (688128.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$24.96 - $53.87$35.65
Multi-Stage$18.60 - $20.29$19.43
Blended Fair Value$27.54
Current Price$31.64
Upside-12.95%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS10.89%0.00%0.450.400.350.310.310.270.230.650.300.00
YoY Growth--12.24%13.90%15.23%-0.17%14.01%18.13%-65.04%114.76%0.00%0.00%
Dividend Yield--2.03%2.15%1.69%1.57%2.01%1.50%0.85%2.42%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)526.63
(-) Cash Dividends Paid (M)202.65
(=) Cash Retained (M)323.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)105.3365.8339.50
Cash Retained (M)323.98323.98323.98
(-) Cash Required (M)-105.33-65.83-39.50
(=) Excess Retained (M)218.65258.15284.48
(/) Shares Outstanding (M)404.44404.44404.44
(=) Excess Retained per Share0.540.640.70
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share0.540.640.70
(=) Adjusted Dividend1.041.141.20
WACC / Discount Rate9.90%9.90%9.90%
Growth Rate5.50%6.50%7.50%
Fair Value$24.96$35.65$53.87
Upside / Downside-21.12%12.68%70.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)526.63560.86597.31636.14677.49721.52743.17
Payout Ratio38.48%48.78%59.09%69.39%79.70%90.00%92.50%
Projected Dividends (M)202.65273.61352.94441.43539.93649.37687.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.90%9.90%9.90%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)246.62248.96251.29
Year 2 PV (M)286.74292.20297.71
Year 3 PV (M)323.25332.53341.98
Year 4 PV (M)356.37370.08384.18
Year 5 PV (M)386.32404.98424.36
PV of Terminal Value (M)5,924.236,210.376,507.46
Equity Value (M)7,523.537,859.128,206.99
Shares Outstanding (M)404.44404.44404.44
Fair Value$18.60$19.43$20.29
Upside / Downside-41.21%-38.58%-35.87%

High-Yield Dividend Screener

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