Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tsann Kuen (China) Enterprise Co., Ltd. (200512.SZ)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$2.68 - $4.17$3.36
Multi-Stage$12.03 - $13.29$12.64
Blended Fair Value$8.00
Current Price$3.08
Upside159.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS47.51%3.29%0.270.130.110.150.100.040.080.120.100.16
YoY Growth--113.05%11.37%-23.43%50.32%155.74%-53.40%-31.56%21.50%-38.97%-16.33%
Dividend Yield--8.09%4.45%3.60%4.80%2.32%1.38%2.96%3.71%1.73%2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)54.79
(-) Cash Dividends Paid (M)41.03
(=) Cash Retained (M)13.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.966.854.11
Cash Retained (M)13.7613.7613.76
(-) Cash Required (M)-10.96-6.85-4.11
(=) Excess Retained (M)2.806.919.65
(/) Shares Outstanding (M)190.49190.49190.49
(=) Excess Retained per Share0.010.040.05
LTM Dividend per Share0.220.220.22
(+) Excess Retained per Share0.010.040.05
(=) Adjusted Dividend0.230.250.27
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-3.65%-2.65%-1.65%
Fair Value$2.68$3.36$4.17
Upside / Downside-13.09%9.24%35.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)54.7953.3451.9350.5649.2247.9249.36
Payout Ratio74.88%77.91%80.93%83.95%86.98%90.00%92.50%
Projected Dividends (M)41.0341.5642.0342.4542.8143.1345.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.64%4.64%4.64%
Growth Rate-3.65%-2.65%-1.65%
Year 1 PV (M)39.3139.7240.13
Year 2 PV (M)37.6038.3939.18
Year 3 PV (M)35.9237.0538.20
Year 4 PV (M)34.2735.7137.20
Year 5 PV (M)32.6534.3836.18
PV of Terminal Value (M)2,111.402,223.262,339.81
Equity Value (M)2,291.152,408.512,530.71
Shares Outstanding (M)190.49190.49190.49
Fair Value$12.03$12.64$13.29
Upside / Downside290.50%310.50%331.33%

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