Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Lu Thai Textile Co., Ltd. (000726.SZ)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$6.85 - $10.87$8.68
Multi-Stage$46.95 - $52.01$49.42
Blended Fair Value$29.05
Current Price$6.66
Upside336.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.51%-2.74%0.330.160.130.090.160.570.570.570.540.55
YoY Growth--108.99%23.08%34.93%-39.53%-72.65%0.80%-0.98%5.45%-1.99%28.00%
Dividend Yield--5.42%2.50%1.57%1.48%2.37%6.63%5.23%5.49%4.23%4.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)625.14
(-) Cash Dividends Paid (M)257.27
(=) Cash Retained (M)367.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)125.0378.1446.89
Cash Retained (M)367.87367.87367.87
(-) Cash Required (M)-125.03-78.14-46.89
(=) Excess Retained (M)242.84289.73320.98
(/) Shares Outstanding (M)892.70892.70892.70
(=) Excess Retained per Share0.270.320.36
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.270.320.36
(=) Adjusted Dividend0.560.610.65
WACC / Discount Rate3.06%3.06%3.06%
Growth Rate-4.74%-3.74%-2.74%
Fair Value$6.85$8.68$10.87
Upside / Downside2.82%30.36%63.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)625.14601.79579.31557.67536.84516.78532.29
Payout Ratio41.15%50.92%60.69%70.46%80.23%90.00%92.50%
Projected Dividends (M)257.27306.45351.60392.94430.71465.11492.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate3.06%3.06%3.06%
Growth Rate-4.74%-3.74%-2.74%
Year 1 PV (M)294.27297.36300.45
Year 2 PV (M)324.20331.04337.95
Year 3 PV (M)347.92358.99370.29
Year 4 PV (M)366.19381.81397.93
Year 5 PV (M)379.72400.07421.29
PV of Terminal Value (M)40,197.3042,351.8444,597.78
Equity Value (M)41,909.6044,121.1046,425.68
Shares Outstanding (M)892.70892.70892.70
Fair Value$46.95$49.42$52.01
Upside / Downside604.91%642.11%680.87%

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