Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Liming Intelligent Manufacturing Co.,Ltd. (603048.SS)

Company Dividend Discount ModelIndustry: Auto - PartsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2.74 - $3.89$3.31
Multi-Stage$4.12 - $4.53$4.32
Blended Fair Value$3.82
Current Price$20.39
Upside-81.28%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS-17.17%0.00%0.430.230.240.200.161.090.100.300.000.00
YoY Growth--83.57%-2.00%19.62%26.71%-85.70%1,031.20%-68.04%0.00%0.00%0.00%
Dividend Yield--2.41%1.46%1.39%0.97%0.62%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)61.28
(-) Cash Dividends Paid (M)10.51
(=) Cash Retained (M)50.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.267.664.60
Cash Retained (M)50.7850.7850.78
(-) Cash Required (M)-12.26-7.66-4.60
(=) Excess Retained (M)38.5243.1246.18
(/) Shares Outstanding (M)148.19148.19148.19
(=) Excess Retained per Share0.260.290.31
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.260.290.31
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.74$3.31$3.89
Upside / Downside-86.55%-83.77%-80.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)61.2860.6760.0759.4658.8758.2860.03
Payout Ratio17.14%31.71%46.29%60.86%75.43%90.00%92.50%
Projected Dividends (M)10.5119.2427.8036.1944.4052.4555.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.82%9.82%9.82%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)17.3417.5217.70
Year 2 PV (M)22.5923.0523.52
Year 3 PV (M)26.5027.3228.16
Year 4 PV (M)29.3130.5331.78
Year 5 PV (M)31.2132.8334.53
PV of Terminal Value (M)484.28509.49535.75
Equity Value (M)611.23640.75671.43
Shares Outstanding (M)148.19148.19148.19
Fair Value$4.12$4.32$4.53
Upside / Downside-79.77%-78.79%-77.78%

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