Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujian Septwolves Industry Co., Ltd. (002029.SZ)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$7.43 - $12.20$9.56
Multi-Stage$15.02 - $16.54$15.76
Blended Fair Value$12.66
Current Price$8.03
Upside57.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.48%1.23%0.130.010.070.100.110.110.110.110.110.11
YoY Growth--2,292.54%-92.50%-32.68%-6.41%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.98%0.09%1.19%1.89%2.08%2.14%1.44%1.23%1.07%1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)451.78
(-) Cash Dividends Paid (M)67.56
(=) Cash Retained (M)384.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)90.3656.4733.88
Cash Retained (M)384.21384.21384.21
(-) Cash Required (M)-90.36-56.47-33.88
(=) Excess Retained (M)293.86327.74350.33
(/) Shares Outstanding (M)679.13679.13679.13
(=) Excess Retained per Share0.430.480.52
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.430.480.52
(=) Adjusted Dividend0.530.580.62
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate-0.77%0.23%1.23%
Fair Value$7.43$9.56$12.20
Upside / Downside-7.43%19.03%51.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)451.78452.83453.88454.93455.99457.04470.75
Payout Ratio14.96%29.96%44.97%59.98%74.99%90.00%92.50%
Projected Dividends (M)67.56135.69204.12272.88341.95411.34435.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.34%6.34%6.34%
Growth Rate-0.77%0.23%1.23%
Year 1 PV (M)126.33127.60128.87
Year 2 PV (M)176.94180.52184.14
Year 3 PV (M)220.22226.95233.81
Year 4 PV (M)256.93267.45278.28
Year 5 PV (M)287.76302.55317.95
PV of Terminal Value (M)9,131.089,600.5310,089.10
Equity Value (M)10,199.2610,705.6011,232.15
Shares Outstanding (M)679.13679.13679.13
Fair Value$15.02$15.76$16.54
Upside / Downside87.02%96.31%105.97%

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