Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Han's Laser Technology Industry Group Co., Ltd. (002008.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$12.51 - $20.66$16.12
Multi-Stage$24.13 - $26.54$25.31
Blended Fair Value$20.72
Current Price$40.71
Upside-49.11%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.72%1.55%0.320.290.490.270.260.310.290.280.260.25
YoY Growth--9.79%-39.70%83.89%2.44%-16.87%6.13%5.42%5.82%6.43%-10.71%
Dividend Yield--1.15%1.52%1.61%0.69%0.61%1.10%0.68%0.51%1.00%1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,131.19
(-) Cash Dividends Paid (M)455.67
(=) Cash Retained (M)675.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)226.24141.4084.84
Cash Retained (M)675.51675.51675.51
(-) Cash Required (M)-226.24-141.40-84.84
(=) Excess Retained (M)449.28534.12590.67
(/) Shares Outstanding (M)1,030.911,030.911,030.91
(=) Excess Retained per Share0.440.520.57
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.440.520.57
(=) Adjusted Dividend0.880.961.01
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-0.45%0.55%1.55%
Fair Value$12.51$16.12$20.66
Upside / Downside-69.28%-60.40%-49.24%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,131.191,137.421,143.691,149.991,156.331,162.701,197.58
Payout Ratio40.28%50.23%60.17%70.11%80.06%90.00%92.50%
Projected Dividends (M)455.67571.28688.15806.29925.721,046.431,107.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.54%6.54%6.54%
Growth Rate-0.45%0.55%1.55%
Year 1 PV (M)530.89536.22541.55
Year 2 PV (M)594.27606.27618.39
Year 3 PV (M)647.06666.76686.85
Year 4 PV (M)690.37718.53747.54
Year 5 PV (M)725.21762.37801.04
PV of Terminal Value (M)21,692.4922,804.1223,960.85
Equity Value (M)24,880.2826,094.2627,356.22
Shares Outstanding (M)1,030.911,030.911,030.91
Fair Value$24.13$25.31$26.54
Upside / Downside-40.72%-37.82%-34.82%

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