Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang China Commodities City Group Co., Ltd. (600415.SS)

Company Dividend Discount ModelIndustry: Real Estate - DiversifiedSector: Real Estate

Valuation Snapshot

Stable Growth$129.78 - $152.90$143.29
Multi-Stage$33.47 - $36.66$35.04
Blended Fair Value$89.16
Current Price$18.55
Upside380.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.69%7.66%0.260.110.120.120.100.140.130.100.090.16
YoY Growth--135.70%-8.76%0.19%21.12%-30.37%4.94%28.86%12.72%-41.33%28.75%
Dividend Yield--1.68%1.24%2.06%2.37%1.96%4.27%2.76%1.95%1.17%2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,202.12
(-) Cash Dividends Paid (M)2,255.02
(=) Cash Retained (M)1,947.10
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)840.42525.26315.16
Cash Retained (M)1,947.101,947.101,947.10
(-) Cash Required (M)-840.42-525.26-315.16
(=) Excess Retained (M)1,106.671,421.831,631.94
(/) Shares Outstanding (M)5,465.755,465.755,465.75
(=) Excess Retained per Share0.200.260.30
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.200.260.30
(=) Adjusted Dividend0.620.670.71
WACC / Discount Rate5.41%5.41%5.41%
Growth Rate5.50%6.50%7.50%
Fair Value$129.78$143.29$152.90
Upside / Downside599.60%672.44%724.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,202.124,475.264,766.155,075.955,405.885,757.275,929.99
Payout Ratio53.66%60.93%68.20%75.47%82.73%90.00%92.50%
Projected Dividends (M)2,255.022,726.823,250.433,830.594,472.445,181.545,485.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.41%5.41%5.41%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,562.652,586.942,611.23
Year 2 PV (M)2,870.822,925.502,980.69
Year 3 PV (M)3,179.523,270.803,363.80
Year 4 PV (M)3,488.773,622.943,760.94
Year 5 PV (M)3,798.563,982.034,172.52
PV of Terminal Value (M)167,038.67175,106.70183,483.51
Equity Value (M)182,938.99191,494.90200,372.70
Shares Outstanding (M)5,465.755,465.755,465.75
Fair Value$33.47$35.04$36.66
Upside / Downside80.43%88.87%97.63%

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