Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Chengdu Xuguang Electronics Co., Ltd. (600353.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$24.55 - $28.93$27.11
Multi-Stage$15.68 - $17.23$16.44
Blended Fair Value$21.77
Current Price$16.75
Upside29.98%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.09%4.84%0.050.010.010.020.040.040.010.020.020.02
YoY Growth--392.97%102.35%-75.05%-51.79%6.81%204.46%-16.93%-7.39%-23.12%-30.47%
Dividend Yield--0.61%0.15%0.06%0.42%1.33%1.12%0.33%0.37%0.23%0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)122.72
(-) Cash Dividends Paid (M)60.21
(=) Cash Retained (M)62.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.5415.349.20
Cash Retained (M)62.5062.5062.50
(-) Cash Required (M)-24.54-15.34-9.20
(=) Excess Retained (M)37.9647.1753.30
(/) Shares Outstanding (M)829.74829.74829.74
(=) Excess Retained per Share0.050.060.06
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.050.060.06
(=) Adjusted Dividend0.120.130.14
WACC / Discount Rate2.30%2.30%2.30%
Growth Rate3.73%4.73%5.73%
Fair Value$24.55$27.11$28.93
Upside / Downside46.55%61.83%72.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)122.72128.53134.61140.98147.65154.63159.27
Payout Ratio49.07%57.25%65.44%73.63%81.81%90.00%92.50%
Projected Dividends (M)60.2173.5888.09103.80120.79139.17147.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.30%2.30%2.30%
Growth Rate3.73%4.73%5.73%
Year 1 PV (M)71.2471.9372.62
Year 2 PV (M)82.5784.1785.79
Year 3 PV (M)94.2096.9599.76
Year 4 PV (M)106.15110.30114.57
Year 5 PV (M)118.40124.22130.27
PV of Terminal Value (M)12,534.2413,150.1713,790.08
Equity Value (M)13,006.8113,637.7514,293.08
Shares Outstanding (M)829.74829.74829.74
Fair Value$15.68$16.44$17.23
Upside / Downside-6.41%-1.87%2.84%

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