Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Chint Electrics Co., Ltd. (601877.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$154.85 - $422.38$395.83
Multi-Stage$60.68 - $66.34$63.46
Blended Fair Value$229.65
Current Price$30.71
Upside647.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.26%0.64%0.550.760.860.960.850.851.170.550.580.51
YoY Growth---27.88%-11.51%-9.92%13.42%-0.33%-27.28%113.38%-5.49%13.54%-1.49%
Dividend Yield--2.34%3.74%3.09%2.42%2.33%3.59%4.13%2.07%2.88%2.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,555.82
(-) Cash Dividends Paid (M)3,053.54
(=) Cash Retained (M)1,502.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)911.16569.48341.69
Cash Retained (M)1,502.281,502.281,502.28
(-) Cash Required (M)-911.16-569.48-341.69
(=) Excess Retained (M)591.11932.801,160.59
(/) Shares Outstanding (M)2,145.072,145.072,145.07
(=) Excess Retained per Share0.280.430.54
LTM Dividend per Share1.421.421.42
(+) Excess Retained per Share0.280.430.54
(=) Adjusted Dividend1.701.861.96
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Fair Value$154.85$395.83$422.38
Upside / Downside404.25%1,188.94%1,275.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,555.824,851.955,167.325,503.205,860.916,241.876,429.12
Payout Ratio67.03%71.62%76.22%80.81%85.41%90.00%92.50%
Projected Dividends (M)3,053.543,474.973,938.284,447.145,005.515,617.685,946.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,227.473,258.063,288.65
Year 2 PV (M)3,397.263,461.973,527.29
Year 3 PV (M)3,562.993,665.273,769.49
Year 4 PV (M)3,724.713,867.964,015.29
Year 5 PV (M)3,882.514,070.044,264.74
PV of Terminal Value (M)112,371.78117,799.38123,434.71
Equity Value (M)130,166.72136,122.67142,300.16
Shares Outstanding (M)2,145.072,145.072,145.07
Fair Value$60.68$63.46$66.34
Upside / Downside97.60%106.64%116.02%

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