Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Cinderson Tech (Suzhou) Co., Ltd. (603344.SS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$72.13 - $196.66$184.30
Multi-Stage$27.56 - $30.17$28.84
Blended Fair Value$106.57
Current Price$29.77
Upside257.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS155.19%0.00%0.310.000.010.480.000.000.000.000.000.00
YoY Growth--0.00%-100.00%-97.40%28,460.85%-41.28%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.21%0.00%0.06%2.48%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)193.97
(-) Cash Dividends Paid (M)60.53
(=) Cash Retained (M)133.43
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)38.7924.2514.55
Cash Retained (M)133.43133.43133.43
(-) Cash Required (M)-38.79-24.25-14.55
(=) Excess Retained (M)94.64109.19118.89
(/) Shares Outstanding (M)196.16196.16196.16
(=) Excess Retained per Share0.480.560.61
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share0.480.560.61
(=) Adjusted Dividend0.790.870.91
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Fair Value$72.13$184.30$196.66
Upside / Downside142.28%519.07%560.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)193.97206.58220.00234.30249.53265.75273.73
Payout Ratio31.21%42.97%54.72%66.48%78.24%90.00%92.50%
Projected Dividends (M)60.5388.76120.40155.77195.24239.18253.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)82.4483.2284.00
Year 2 PV (M)103.86105.84107.83
Year 3 PV (M)124.80128.39132.04
Year 4 PV (M)145.28150.87156.62
Year 5 PV (M)165.30173.29181.58
PV of Terminal Value (M)4,785.025,016.145,256.10
Equity Value (M)5,406.715,657.745,918.17
Shares Outstanding (M)196.16196.16196.16
Fair Value$27.56$28.84$30.17
Upside / Downside-7.41%-3.11%1.35%

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