Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wuxi NCE Power Co., Ltd. (605111.SS)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$50.41 - $209.53$128.49
Multi-Stage$24.57 - $26.91$25.72
Blended Fair Value$77.11
Current Price$36.05
Upside113.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%93.46%0.210.210.200.100.000.000.050.000.000.00
YoY Growth---0.53%6.08%95.54%0.00%0.00%-100.00%0.00%-100.00%1,683.95%-85.59%
Dividend Yield--0.61%0.76%0.47%0.19%0.00%0.00%0.65%0.00%0.01%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)436.89
(-) Cash Dividends Paid (M)48.93
(=) Cash Retained (M)387.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)87.3854.6132.77
Cash Retained (M)387.96387.96387.96
(-) Cash Required (M)-87.38-54.61-32.77
(=) Excess Retained (M)300.58333.35355.20
(/) Shares Outstanding (M)414.68414.68414.68
(=) Excess Retained per Share0.720.800.86
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.720.800.86
(=) Adjusted Dividend0.840.920.97
WACC / Discount Rate7.26%7.26%7.26%
Growth Rate5.50%6.50%7.50%
Fair Value$50.41$128.49$209.53
Upside / Downside39.82%256.43%481.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)436.89465.29495.53527.74562.04598.57616.53
Payout Ratio11.20%26.96%42.72%58.48%74.24%90.00%92.50%
Projected Dividends (M)48.93125.44211.69308.62417.26538.72570.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.26%7.26%7.26%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)115.84116.94118.04
Year 2 PV (M)180.55183.99187.46
Year 3 PV (M)243.09250.07257.18
Year 4 PV (M)303.53315.20327.21
Year 5 PV (M)361.91379.39397.54
PV of Terminal Value (M)8,984.969,418.949,869.53
Equity Value (M)10,189.8910,664.5311,156.96
Shares Outstanding (M)414.68414.68414.68
Fair Value$24.57$25.72$26.91
Upside / Downside-31.84%-28.66%-25.37%

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