Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Qingdao Sentury Tire Co., Ltd. (002984.SZ)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$63.91 - $272.16$157.96
Multi-Stage$32.25 - $35.27$33.73
Blended Fair Value$95.84
Current Price$19.24
Upside398.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS35.99%0.00%0.500.010.110.130.060.110.120.110.070.05
YoY Growth--4,804.02%-90.97%-15.50%106.33%-39.77%-11.29%10.09%64.30%21.94%0.00%
Dividend Yield--2.06%0.04%0.50%0.62%0.27%0.55%0.62%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,475.59
(-) Cash Dividends Paid (M)540.52
(=) Cash Retained (M)935.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)295.12184.45110.67
Cash Retained (M)935.07935.07935.07
(-) Cash Required (M)-295.12-184.45-110.67
(=) Excess Retained (M)639.95750.62824.40
(/) Shares Outstanding (M)1,078.271,078.271,078.27
(=) Excess Retained per Share0.590.700.76
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share0.590.700.76
(=) Adjusted Dividend1.091.201.27
WACC / Discount Rate7.31%7.31%7.31%
Growth Rate5.50%6.50%7.50%
Fair Value$63.91$157.96$272.16
Upside / Downside232.15%721.00%1,314.53%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,475.591,571.501,673.651,782.431,898.292,021.682,082.33
Payout Ratio36.63%47.30%57.98%68.65%79.33%90.00%92.50%
Projected Dividends (M)540.52743.39970.361,223.681,505.841,819.511,926.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.31%7.31%7.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)686.26692.77699.27
Year 2 PV (M)826.95842.70858.60
Year 3 PV (M)962.70990.331,018.49
Year 4 PV (M)1,093.641,135.701,178.96
Year 5 PV (M)1,219.901,278.821,339.99
PV of Terminal Value (M)29,981.4031,429.5132,933.05
Equity Value (M)34,770.8436,369.8338,028.36
Shares Outstanding (M)1,078.271,078.271,078.27
Fair Value$32.25$33.73$35.27
Upside / Downside67.60%75.31%83.30%

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