Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$6.85 - $14.54$9.73
Multi-Stage$5.04 - $5.50$5.27
Blended Fair Value$7.50
Current Price$39.38
Upside-80.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.02%12.44%0.060.030.030.040.030.040.040.020.050.03
YoY Growth--72.71%14.25%-25.31%49.29%-30.00%6.73%51.40%-50.49%41.54%85.25%
Dividend Yield--0.16%0.12%0.12%0.21%0.15%0.29%0.56%0.38%0.43%1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)116.02
(-) Cash Dividends Paid (M)27.43
(=) Cash Retained (M)88.59
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.2014.508.70
Cash Retained (M)88.5988.5988.59
(-) Cash Required (M)-23.20-14.50-8.70
(=) Excess Retained (M)65.3974.0979.89
(/) Shares Outstanding (M)317.76317.76317.76
(=) Excess Retained per Share0.210.230.25
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.210.230.25
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Fair Value$6.85$9.73$14.54
Upside / Downside-82.60%-75.30%-63.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)116.02123.56131.59140.15149.25158.96163.73
Payout Ratio23.64%36.91%50.18%63.46%76.73%90.00%92.50%
Projected Dividends (M)27.4345.6166.0488.93114.52143.06151.45

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)41.0741.4641.85
Year 2 PV (M)53.5654.5855.61
Year 3 PV (M)64.9666.8268.72
Year 4 PV (M)75.3378.2381.21
Year 5 PV (M)84.7588.8493.09
PV of Terminal Value (M)1,282.071,343.991,408.28
Equity Value (M)1,601.731,673.921,748.76
Shares Outstanding (M)317.76317.76317.76
Fair Value$5.04$5.27$5.50
Upside / Downside-87.20%-86.62%-86.02%

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