Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Argus (Shanghai) Textile Chemicals Co.,Ltd. (603790.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$2.19 - $3.20$2.67
Multi-Stage$6.08 - $6.70$6.38
Blended Fair Value$4.53
Current Price$25.92
Upside-82.53%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.30%28.31%0.130.080.120.100.200.230.170.070.220.02
YoY Growth--67.47%-32.34%19.69%-50.61%-13.33%33.33%147.80%-69.12%872.06%110.14%
Dividend Yield--0.83%0.69%1.03%0.95%1.88%1.57%0.81%0.57%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)57.30
(-) Cash Dividends Paid (M)25.81
(=) Cash Retained (M)31.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)11.467.164.30
Cash Retained (M)31.5031.5031.50
(-) Cash Required (M)-11.46-7.16-4.30
(=) Excess Retained (M)20.0424.3327.20
(/) Shares Outstanding (M)194.45194.45194.45
(=) Excess Retained per Share0.100.130.14
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.100.130.14
(=) Adjusted Dividend0.240.260.27
WACC / Discount Rate6.17%6.17%6.17%
Growth Rate-4.17%-3.17%-2.17%
Fair Value$2.19$2.67$3.20
Upside / Downside-91.57%-89.68%-87.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)57.3055.4953.7352.0350.3848.7850.25
Payout Ratio45.04%54.03%63.02%72.01%81.01%90.00%92.50%
Projected Dividends (M)25.8129.9833.8637.4740.8143.9046.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.17%6.17%6.17%
Growth Rate-4.17%-3.17%-2.17%
Year 1 PV (M)27.9528.2428.53
Year 2 PV (M)29.4230.0430.66
Year 3 PV (M)30.3531.3132.29
Year 4 PV (M)30.8132.1233.47
Year 5 PV (M)30.9032.5534.26
PV of Terminal Value (M)1,032.041,087.021,144.32
Equity Value (M)1,181.471,241.271,303.53
Shares Outstanding (M)194.45194.45194.45
Fair Value$6.08$6.38$6.70
Upside / Downside-76.56%-75.37%-74.14%

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