Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhe Jiang Taihua New Material Co., Ltd. (603055.SS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$99.11 - $116.77$109.43
Multi-Stage$65.84 - $72.23$68.97
Blended Fair Value$89.20
Current Price$8.97
Upside894.43%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.02%8.76%0.300.100.160.050.070.120.130.040.080.12
YoY Growth--206.24%-39.65%257.82%-32.76%-44.00%-9.09%258.55%-53.02%-35.35%-6.05%
Dividend Yield--2.66%1.02%1.48%0.39%1.17%2.09%1.52%0.35%0.84%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)525.93
(-) Cash Dividends Paid (M)316.85
(=) Cash Retained (M)209.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)105.1965.7439.45
Cash Retained (M)209.08209.08209.08
(-) Cash Required (M)-105.19-65.74-39.45
(=) Excess Retained (M)103.89143.34169.63
(/) Shares Outstanding (M)895.76895.76895.76
(=) Excess Retained per Share0.120.160.19
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share0.120.160.19
(=) Adjusted Dividend0.470.510.54
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate5.50%6.50%7.50%
Fair Value$99.11$109.43$116.77
Upside / Downside1,004.88%1,119.92%1,201.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)525.93560.12596.53635.30676.60720.57742.19
Payout Ratio60.25%66.20%72.15%78.10%84.05%90.00%92.50%
Projected Dividends (M)316.85370.78430.38496.16568.67648.52686.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.91%2.91%2.91%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)356.93360.31363.70
Year 2 PV (M)398.82406.42414.09
Year 3 PV (M)442.60455.31468.26
Year 4 PV (M)488.34507.12526.43
Year 5 PV (M)536.10561.99588.87
PV of Terminal Value (M)56,751.7659,492.8962,338.93
Equity Value (M)58,974.5561,784.0464,700.28
Shares Outstanding (M)895.76895.76895.76
Fair Value$65.84$68.97$72.23
Upside / Downside633.97%668.94%705.23%

High-Yield Dividend Screener

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