Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Contemporary Amperex Technology Co., Limited (300750.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$467.67 - $2,404.29$840.18
Multi-Stage$285.47 - $311.88$298.44
Blended Fair Value$569.31
Current Price$402.00
Upside41.62%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS113.30%135.85%5.701.390.360.130.110.130.050.020.010.02
YoY Growth--311.25%286.34%185.07%14.85%-15.13%165.27%164.85%51.96%-22.73%1,362.22%
Dividend Yield--2.25%0.70%0.16%0.04%0.06%0.19%0.10%0.09%0.06%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)63,804.80
(-) Cash Dividends Paid (M)27,562.34
(=) Cash Retained (M)36,242.46
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,760.967,975.604,785.36
Cash Retained (M)36,242.4636,242.4636,242.46
(-) Cash Required (M)-12,760.96-7,975.60-4,785.36
(=) Excess Retained (M)23,481.5028,266.8631,457.10
(/) Shares Outstanding (M)4,437.964,437.964,437.96
(=) Excess Retained per Share5.296.377.09
LTM Dividend per Share6.216.216.21
(+) Excess Retained per Share5.296.377.09
(=) Adjusted Dividend11.5012.5813.30
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.50%6.50%7.50%
Fair Value$467.67$840.18$2,404.29
Upside / Downside16.34%109.00%498.08%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)63,804.8067,952.1172,369.0077,072.9882,082.7287,418.1090,040.64
Payout Ratio43.20%52.56%61.92%71.28%80.64%90.00%92.50%
Projected Dividends (M)27,562.3435,714.4944,809.9854,936.9866,191.1778,676.2983,287.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.09%8.09%8.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)32,729.8033,040.0333,350.27
Year 2 PV (M)37,633.3038,350.1139,073.68
Year 3 PV (M)42,282.5543,496.3344,733.12
Year 4 PV (M)46,686.9248,482.3750,329.11
Year 5 PV (M)50,855.4953,311.8355,862.18
PV of Terminal Value (M)1,056,727.741,107,768.091,160,761.86
Equity Value (M)1,266,915.801,324,448.761,384,110.22
Shares Outstanding (M)4,437.964,437.964,437.96
Fair Value$285.47$298.44$311.88
Upside / Downside-28.99%-25.76%-22.42%

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