Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhuhai Bojay Electronics Co.,Ltd. (002975.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$17.08 - $41.47$25.40
Multi-Stage$68.77 - $76.00$72.31
Blended Fair Value$48.86
Current Price$60.32
Upside-19.00%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.37%0.00%0.050.020.340.680.340.080.020.350.000.00
YoY Growth--152.61%-94.41%-50.47%102.70%331.65%401.66%-95.53%0.00%0.00%0.00%
Dividend Yield--0.14%0.05%0.79%1.57%0.40%0.13%0.06%1.40%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)126.44
(-) Cash Dividends Paid (M)25.49
(=) Cash Retained (M)100.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)25.2915.819.48
Cash Retained (M)100.96100.96100.96
(-) Cash Required (M)-25.29-15.81-9.48
(=) Excess Retained (M)75.6785.1591.47
(/) Shares Outstanding (M)149.18149.18149.18
(=) Excess Retained per Share0.510.570.61
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.510.570.61
(=) Adjusted Dividend0.680.740.78
WACC / Discount Rate1.89%1.89%1.89%
Growth Rate-2.00%-1.00%0.00%
Fair Value$17.08$25.40$41.47
Upside / Downside-71.68%-57.89%-31.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)126.44125.18123.93122.69121.46120.24123.85
Payout Ratio20.16%34.13%48.09%62.06%76.03%90.00%92.50%
Projected Dividends (M)25.4942.7259.6076.1492.35108.22114.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.89%1.89%1.89%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)41.5041.9242.35
Year 2 PV (M)56.2657.4158.57
Year 3 PV (M)69.8271.9874.19
Year 4 PV (M)82.2785.6889.20
Year 5 PV (M)93.6798.55103.62
PV of Terminal Value (M)9,915.8110,432.1510,969.78
Equity Value (M)10,259.3310,787.6911,337.71
Shares Outstanding (M)149.18149.18149.18
Fair Value$68.77$72.31$76.00
Upside / Downside14.01%19.88%26.00%

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