Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sichuan Road & Bridge Co.,Ltd (600039.SS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$34.15 - $175.57$69.62
Multi-Stage$19.09 - $20.87$19.96
Blended Fair Value$44.79
Current Price$8.09
Upside453.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS102.20%55.15%0.700.650.260.140.030.020.020.020.020.02
YoY Growth--7.71%150.86%89.16%360.49%43.61%0.00%19.56%0.00%0.00%100.00%
Dividend Yield--8.77%8.32%2.61%1.83%0.68%0.75%0.73%0.64%0.48%0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,736.76
(-) Cash Dividends Paid (M)2,996.40
(=) Cash Retained (M)4,740.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,547.35967.09580.26
Cash Retained (M)4,740.364,740.364,740.36
(-) Cash Required (M)-1,547.35-967.09-580.26
(=) Excess Retained (M)3,193.013,773.264,160.10
(/) Shares Outstanding (M)8,763.648,763.648,763.64
(=) Excess Retained per Share0.360.430.47
LTM Dividend per Share0.340.340.34
(+) Excess Retained per Share0.360.430.47
(=) Adjusted Dividend0.710.770.82
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate5.50%6.50%7.50%
Fair Value$34.15$69.62$175.57
Upside / Downside322.18%760.63%2,070.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,736.768,239.658,775.239,345.619,953.0810,600.0310,918.03
Payout Ratio38.73%48.98%59.24%69.49%79.75%90.00%92.50%
Projected Dividends (M)2,996.404,036.075,198.246,494.437,937.179,540.0310,099.18

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,712.963,748.153,783.35
Year 2 PV (M)4,399.254,483.044,567.63
Year 3 PV (M)5,056.215,201.365,349.26
Year 4 PV (M)5,684.755,903.376,128.23
Year 5 PV (M)6,285.746,589.356,904.57
PV of Terminal Value (M)142,134.52148,999.67156,127.56
Equity Value (M)167,273.43174,924.94182,860.59
Shares Outstanding (M)8,763.648,763.648,763.64
Fair Value$19.09$19.96$20.87
Upside / Downside135.94%146.73%157.92%

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