Definitive Analysis
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Definitive Analysis

Fundamentals

Mode

Ticker

Industry

Sector

China Science Publishing & Media Ltd. (601858.SS)

Company Dividend Discount ModelIndustry: PublishingSector: Communication Services

Valuation Snapshot

Stable Growth$77.27 - $132.18$123.87
Multi-Stage$21.23 - $23.24$22.22
Blended Fair Value$73.05
Current Price$19.54
Upside273.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS19.21%75.96%0.260.280.250.250.190.110.180.030.170.03
YoY Growth---6.48%9.43%-0.01%33.73%75.93%-39.35%439.58%-80.65%549.19%2,773.53%
Dividend Yield--1.32%1.10%1.38%2.87%1.96%1.16%1.49%0.35%0.96%0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)525.40
(-) Cash Dividends Paid (M)205.53
(=) Cash Retained (M)319.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)105.0865.6839.41
Cash Retained (M)319.87319.87319.87
(-) Cash Required (M)-105.08-65.68-39.41
(=) Excess Retained (M)214.79254.20280.47
(/) Shares Outstanding (M)790.50790.50790.50
(=) Excess Retained per Share0.270.320.35
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.270.320.35
(=) Adjusted Dividend0.530.580.61
WACC / Discount Rate6.23%6.23%6.23%
Growth Rate5.50%6.50%7.50%
Fair Value$77.27$123.87$132.18
Upside / Downside295.44%533.95%576.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)525.40559.55595.92634.66675.91719.85741.44
Payout Ratio39.12%49.29%59.47%69.65%79.82%90.00%92.50%
Projected Dividends (M)205.53275.83354.40442.02539.54647.86685.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.23%6.23%6.23%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)257.23259.66262.10
Year 2 PV (M)308.21314.08320.00
Year 3 PV (M)358.48368.77379.25
Year 4 PV (M)408.05423.74439.88
Year 5 PV (M)456.92478.99501.91
PV of Terminal Value (M)14,993.9315,718.1416,470.07
Equity Value (M)16,782.8117,563.3818,373.22
Shares Outstanding (M)790.50790.50790.50
Fair Value$21.23$22.22$23.24
Upside / Downside8.65%13.71%18.95%

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