Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

China Marine Information Electronics Company Limited (600764.SS)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$55.36 - $65.22$61.12
Multi-Stage$44.55 - $48.90$46.69
Blended Fair Value$53.90
Current Price$31.31
Upside72.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS33.90%47.48%0.230.250.360.320.270.050.030.000.020.00
YoY Growth---8.56%-31.20%13.63%15.73%420.28%51.96%638.85%-73.29%277.04%0.00%
Dividend Yield--0.81%1.14%1.40%1.18%1.00%0.19%0.10%0.02%0.06%0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)233.11
(-) Cash Dividends Paid (M)70.94
(=) Cash Retained (M)162.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.6229.1417.48
Cash Retained (M)162.17162.17162.17
(-) Cash Required (M)-46.62-29.14-17.48
(=) Excess Retained (M)115.54133.03144.68
(/) Shares Outstanding (M)710.79710.79710.79
(=) Excess Retained per Share0.160.190.20
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.160.190.20
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate-1.12%-1.12%-1.12%
Growth Rate5.50%6.50%7.50%
Fair Value$55.36$61.12$65.22
Upside / Downside76.81%95.22%108.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)233.11248.26264.40281.58299.89319.38328.96
Payout Ratio30.43%42.35%54.26%66.17%78.09%90.00%92.50%
Projected Dividends (M)70.94105.13143.46186.33234.17287.44304.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.12%-1.12%-1.12%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)105.32106.32107.32
Year 2 PV (M)143.98146.72149.49
Year 3 PV (M)187.35192.73198.21
Year 4 PV (M)235.87244.94254.27
Year 5 PV (M)290.05304.06318.61
PV of Terminal Value (M)30,705.5232,188.6133,728.46
Equity Value (M)31,668.1033,183.3934,756.36
Shares Outstanding (M)710.79710.79710.79
Fair Value$44.55$46.69$48.90
Upside / Downside42.30%49.11%56.18%

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