Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Cfmoto Power Co.,Ltd (603129.SS)

Company Dividend Discount ModelIndustry: Auto - Recreational VehiclesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$408.24 - $2,336.48$766.21
Multi-Stage$239.19 - $261.49$250.14
Blended Fair Value$508.17
Current Price$268.25
Upside89.44%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS49.06%31.26%2.061.380.810.720.340.280.260.000.020.11
YoY Growth--49.42%69.94%12.52%110.80%22.20%6.67%5,209.60%-78.39%-78.85%-20.30%
Dividend Yield--1.10%1.12%0.64%0.71%0.27%0.91%1.11%0.02%0.12%0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,805.82
(-) Cash Dividends Paid (M)589.42
(=) Cash Retained (M)1,216.39
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)361.16225.73135.44
Cash Retained (M)1,216.391,216.391,216.39
(-) Cash Required (M)-361.16-225.73-135.44
(=) Excess Retained (M)855.23990.671,080.96
(/) Shares Outstanding (M)153.71153.71153.71
(=) Excess Retained per Share5.566.457.03
LTM Dividend per Share3.833.833.83
(+) Excess Retained per Share5.566.457.03
(=) Adjusted Dividend9.4010.2810.87
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Fair Value$408.24$766.21$2,336.48
Upside / Downside52.19%185.63%771.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,805.821,923.202,048.202,181.342,323.122,474.132,548.35
Payout Ratio32.64%44.11%55.58%67.06%78.53%90.00%92.50%
Projected Dividends (M)589.42848.361,138.481,462.721,824.302,226.712,357.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)778.66786.04793.42
Year 2 PV (M)959.08977.35995.79
Year 3 PV (M)1,130.981,163.451,196.53
Year 4 PV (M)1,294.671,344.461,395.67
Year 5 PV (M)1,450.411,520.461,593.20
PV of Terminal Value (M)31,151.5632,656.2034,218.41
Equity Value (M)36,765.3738,447.9640,193.03
Shares Outstanding (M)153.71153.71153.71
Fair Value$239.19$250.14$261.49
Upside / Downside-10.83%-6.75%-2.52%

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