Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Shanghai Huide Science & Technology Co.,Ltd (603192.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$30.67 - $176.77$57.31
Multi-Stage$24.90 - $27.28$26.07
Blended Fair Value$41.69
Current Price$21.60
Upside93.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.41%10.60%0.180.170.290.290.300.290.000.320.570.27
YoY Growth--8.89%-41.94%-0.40%-2.03%4.49%0.00%-100.00%-44.74%110.99%301.28%
Dividend Yield--1.11%1.04%1.48%1.16%1.67%1.36%0.00%1.46%2.63%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)124.69
(-) Cash Dividends Paid (M)53.38
(=) Cash Retained (M)71.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.9415.599.35
Cash Retained (M)71.3171.3171.31
(-) Cash Required (M)-24.94-15.59-9.35
(=) Excess Retained (M)46.3755.7261.96
(/) Shares Outstanding (M)138.37138.37138.37
(=) Excess Retained per Share0.340.400.45
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share0.340.400.45
(=) Adjusted Dividend0.720.790.83
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate4.04%5.04%6.04%
Fair Value$30.67$57.31$176.77
Upside / Downside42.00%165.32%718.40%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)124.69130.97137.57144.51151.79159.44164.23
Payout Ratio42.81%52.25%61.69%71.12%80.56%90.00%92.50%
Projected Dividends (M)53.3868.4384.86102.78122.29143.50151.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate4.04%5.04%6.04%
Year 1 PV (M)63.6564.2664.87
Year 2 PV (M)73.4274.8476.27
Year 3 PV (M)82.7185.1287.57
Year 4 PV (M)91.5495.1198.78
Year 5 PV (M)99.91104.81109.89
PV of Terminal Value (M)3,033.983,182.623,337.02
Equity Value (M)3,445.213,606.753,774.42
Shares Outstanding (M)138.37138.37138.37
Fair Value$24.90$26.07$27.28
Upside / Downside15.27%20.68%26.29%

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