Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Zhuhai CosMX Battery Co., Ltd. (688772.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$12.15 - $35.46$19.12
Multi-Stage$8.56 - $9.33$8.94
Blended Fair Value$14.03
Current Price$23.79
Upside-41.04%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS80.39%0.00%0.390.200.260.050.210.020.010.000.000.00
YoY Growth--91.65%-22.41%393.57%-75.29%953.37%163.43%108.51%0.00%0.00%0.00%
Dividend Yield--2.36%1.46%1.39%0.17%0.64%0.06%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)549.25
(-) Cash Dividends Paid (M)407.55
(=) Cash Retained (M)141.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)109.8568.6641.19
Cash Retained (M)141.70141.70141.70
(-) Cash Required (M)-109.85-68.66-41.19
(=) Excess Retained (M)31.8573.04100.50
(/) Shares Outstanding (M)1,137.371,137.371,137.37
(=) Excess Retained per Share0.030.060.09
LTM Dividend per Share0.360.360.36
(+) Excess Retained per Share0.030.060.09
(=) Adjusted Dividend0.390.420.45
WACC / Discount Rate8.85%8.85%8.85%
Growth Rate5.50%6.50%7.50%
Fair Value$12.15$19.12$35.46
Upside / Downside-48.92%-19.64%49.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)549.25584.95622.97663.46706.59752.52775.09
Payout Ratio74.20%77.36%80.52%83.68%86.84%90.00%92.50%
Projected Dividends (M)407.55452.52501.62555.19613.60677.26716.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.85%8.85%8.85%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)411.81415.72419.62
Year 2 PV (M)415.43423.34431.33
Year 3 PV (M)418.42430.44442.68
Year 4 PV (M)420.84437.03453.68
Year 5 PV (M)422.72443.14464.33
PV of Terminal Value (M)7,644.218,013.438,396.78
Equity Value (M)9,733.4410,163.0910,608.41
Shares Outstanding (M)1,137.371,137.371,137.37
Fair Value$8.56$8.94$9.33
Upside / Downside-64.03%-62.44%-60.79%

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