Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beijing Zhidemai Technology Co., Ltd. (300785.SZ)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$2.08 - $2.81$2.46
Multi-Stage$2.52 - $2.75$2.63
Blended Fair Value$2.54
Current Price$38.50
Upside-93.39%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.89%0.00%0.160.160.330.230.180.150.110.030.030.00
YoY Growth--0.30%-52.98%48.49%27.15%17.39%40.53%266.67%0.00%0.00%0.00%
Dividend Yield--0.49%0.72%1.01%0.93%0.50%0.36%0.88%0.24%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)84.88
(-) Cash Dividends Paid (M)32.64
(=) Cash Retained (M)52.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.9810.616.37
Cash Retained (M)52.2552.2552.25
(-) Cash Required (M)-16.98-10.61-6.37
(=) Excess Retained (M)35.2741.6445.88
(/) Shares Outstanding (M)204.75204.75204.75
(=) Excess Retained per Share0.170.200.22
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.170.200.22
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate14.65%14.65%14.65%
Growth Rate-1.11%-0.11%0.89%
Fair Value$2.08$2.46$2.81
Upside / Downside-94.59%-93.62%-92.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)84.8884.7984.7084.6184.5184.4286.95
Payout Ratio38.45%48.76%59.07%69.38%79.69%90.00%92.50%
Projected Dividends (M)32.6441.3450.0358.7067.3575.9880.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate14.65%14.65%14.65%
Growth Rate-1.11%-0.11%0.89%
Year 1 PV (M)35.7036.0636.42
Year 2 PV (M)37.3138.0638.83
Year 3 PV (M)37.7938.9540.13
Year 4 PV (M)37.4438.9840.57
Year 5 PV (M)36.4838.3640.32
PV of Terminal Value (M)331.54348.65366.45
Equity Value (M)516.26539.07562.72
Shares Outstanding (M)204.75204.75204.75
Fair Value$2.52$2.63$2.75
Upside / Downside-93.45%-93.16%-92.86%

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