Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Harbin Electric Corporation Jiamusi Electric Machine CO.,Ltd (000922.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$31.77 - $77.78$72.89
Multi-Stage$11.34 - $12.41$11.87
Blended Fair Value$42.38
Current Price$12.10
Upside250.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%20.09%0.250.160.120.150.060.000.000.000.000.00
YoY Growth--54.56%35.77%-21.77%140.07%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--2.24%1.31%1.04%1.81%0.67%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)245.98
(-) Cash Dividends Paid (M)95.23
(=) Cash Retained (M)150.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)49.2030.7518.45
Cash Retained (M)150.75150.75150.75
(-) Cash Required (M)-49.20-30.75-18.45
(=) Excess Retained (M)101.55120.00132.30
(/) Shares Outstanding (M)628.91628.91628.91
(=) Excess Retained per Share0.160.190.21
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.160.190.21
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Fair Value$31.77$72.89$77.78
Upside / Downside162.56%502.44%542.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)245.98261.97279.00297.13316.44337.01347.12
Payout Ratio38.72%48.97%59.23%69.49%79.74%90.00%92.50%
Projected Dividends (M)95.23128.29165.25206.47252.34303.31321.09

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)119.29120.42121.55
Year 2 PV (M)142.86145.59148.33
Year 3 PV (M)165.97170.73175.59
Year 4 PV (M)188.61195.86203.32
Year 5 PV (M)210.79220.98231.55
PV of Terminal Value (M)6,305.316,609.866,926.07
Equity Value (M)7,132.847,463.447,806.41
Shares Outstanding (M)628.91628.91628.91
Fair Value$11.34$11.87$12.41
Upside / Downside-6.27%-1.92%2.58%

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