Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bros Eastern.,Ltd (601339.SS)

Company Dividend Discount ModelIndustry: Apparel - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$5.72 - $10.80$7.78
Multi-Stage$6.04 - $6.59$6.31
Blended Fair Value$7.05
Current Price$5.38
Upside30.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.16%11.42%0.410.630.600.280.060.260.210.360.140.15
YoY Growth---34.53%4.14%117.35%357.37%-77.13%24.16%-40.75%151.91%-3.60%6.49%
Dividend Yield--7.74%11.25%8.71%4.27%1.35%7.74%3.67%6.82%2.29%2.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)547.30
(-) Cash Dividends Paid (M)477.76
(=) Cash Retained (M)69.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)109.4668.4141.05
Cash Retained (M)69.5469.5469.54
(-) Cash Required (M)-109.46-68.41-41.05
(=) Excess Retained (M)-39.921.1328.49
(/) Shares Outstanding (M)1,486.291,486.291,486.29
(=) Excess Retained per Share-0.030.000.02
LTM Dividend per Share0.320.320.32
(+) Excess Retained per Share-0.030.000.02
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate8.89%8.89%8.89%
Growth Rate3.57%4.57%5.57%
Fair Value$5.72$7.78$10.80
Upside / Downside6.40%44.64%100.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)547.30572.29598.41625.73654.30684.17704.69
Payout Ratio87.29%87.84%88.38%88.92%89.46%90.00%92.50%
Projected Dividends (M)477.76502.67528.86556.39585.33615.75651.84

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.89%8.89%8.89%
Growth Rate3.57%4.57%5.57%
Year 1 PV (M)457.20461.61466.03
Year 2 PV (M)437.50445.99454.56
Year 3 PV (M)418.64430.88443.36
Year 4 PV (M)400.57416.27432.42
Year 5 PV (M)383.27402.13421.73
PV of Terminal Value (M)6,883.017,221.797,573.78
Equity Value (M)8,980.189,378.679,791.89
Shares Outstanding (M)1,486.291,486.291,486.29
Fair Value$6.04$6.31$6.59
Upside / Downside12.30%17.29%22.46%

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