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Bank of Jiangsu Co., Ltd. (600919.SS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$102.32 - $364.81$333.12
Multi-Stage$47.85 - $52.27$50.02
Blended Fair Value$191.57
Current Price$10.03
Upside1,809.97%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.26%31.64%0.750.650.570.480.360.440.530.440.250.13
YoY Growth--14.45%15.53%18.16%34.41%-18.82%-17.67%22.47%76.83%92.64%166.89%
Dividend Yield--7.89%8.23%8.07%6.80%5.52%7.71%7.75%6.29%2.60%1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34,191.01
(-) Cash Dividends Paid (M)24,832.02
(=) Cash Retained (M)9,358.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6,838.204,273.882,564.33
Cash Retained (M)9,358.999,358.999,358.99
(-) Cash Required (M)-6,838.20-4,273.88-2,564.33
(=) Excess Retained (M)2,520.795,085.116,794.66
(/) Shares Outstanding (M)18,638.9818,638.9818,638.98
(=) Excess Retained per Share0.140.270.36
LTM Dividend per Share1.331.331.33
(+) Excess Retained per Share0.140.270.36
(=) Adjusted Dividend1.471.611.70
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$102.32$333.12$364.81
Upside / Downside920.11%3,221.23%3,537.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34,191.0136,413.4238,780.3041,301.0243,985.5846,844.6448,249.98
Payout Ratio72.63%76.10%79.58%83.05%86.53%90.00%92.50%
Projected Dividends (M)24,832.0227,711.3030,859.9734,300.8838,058.7342,160.1844,631.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)25,652.0825,895.2326,138.37
Year 2 PV (M)26,443.9826,947.6627,456.10
Year 3 PV (M)27,208.3627,989.4128,785.27
Year 4 PV (M)27,945.8329,020.5530,125.97
Year 5 PV (M)28,657.0130,041.1531,478.27
PV of Terminal Value (M)755,929.79792,441.48830,350.56
Equity Value (M)891,837.05932,335.49974,334.55
Shares Outstanding (M)18,638.9818,638.9818,638.98
Fair Value$47.85$50.02$52.27
Upside / Downside377.05%398.71%421.18%

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