Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangsu Teeyer Intelligent Equipment Co.,Ltd. (603273.SS)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$3.07 - $7.60$4.60
Multi-Stage$12.29 - $13.58$12.92
Blended Fair Value$8.76
Current Price$18.87
Upside-53.57%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS4.23%0.00%0.130.000.000.150.230.110.000.000.000.00
YoY Growth--13,589.35%-58.65%-98.43%-33.89%109.02%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.79%0.00%0.03%1.60%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.20
(-) Cash Dividends Paid (M)15.00
(=) Cash Retained (M)17.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.444.032.42
Cash Retained (M)17.2017.2017.20
(-) Cash Required (M)-6.44-4.03-2.42
(=) Excess Retained (M)10.7613.1814.79
(/) Shares Outstanding (M)214.47214.47214.47
(=) Excess Retained per Share0.050.060.07
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.050.060.07
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate1.83%1.83%1.83%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.07$4.60$7.60
Upside / Downside-83.71%-75.63%-59.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.2031.8831.5631.2530.9430.6331.54
Payout Ratio46.59%55.27%63.95%72.63%81.32%90.00%92.50%
Projected Dividends (M)15.0017.6220.1922.7025.1627.5629.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.83%1.83%1.83%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.1317.3017.48
Year 2 PV (M)19.0819.4719.86
Year 3 PV (M)20.8521.5022.15
Year 4 PV (M)22.4723.4024.36
Year 5 PV (M)23.9325.1826.47
PV of Terminal Value (M)2,533.222,665.132,802.48
Equity Value (M)2,636.672,771.972,912.81
Shares Outstanding (M)214.47214.47214.47
Fair Value$12.29$12.92$13.58
Upside / Downside-34.85%-31.51%-28.03%

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