Definitive Analysis
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Consun Pharmaceutical Group Limited (1681.HK)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$182.29 - $441.82$414.05
Multi-Stage$65.37 - $71.50$68.38
Blended Fair Value$241.21
Current Price$10.33
Upside2,235.08%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS24.72%33.45%0.820.390.150.240.160.270.080.210.140.03
YoY Growth--108.60%155.90%-35.64%50.64%-41.70%227.15%-60.20%51.28%308.97%-26.32%
Dividend Yield--10.71%9.09%4.29%6.66%6.16%6.56%2.08%3.45%4.00%0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,845.40
(-) Cash Dividends Paid (M)1,031.94
(=) Cash Retained (M)813.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)369.08230.67138.40
Cash Retained (M)813.45813.45813.45
(-) Cash Required (M)-369.08-230.67-138.40
(=) Excess Retained (M)444.37582.78675.05
(/) Shares Outstanding (M)830.67830.67830.67
(=) Excess Retained per Share0.530.700.81
LTM Dividend per Share1.241.241.24
(+) Excess Retained per Share0.530.700.81
(=) Adjusted Dividend1.781.942.05
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate5.50%6.50%7.50%
Fair Value$182.29$414.05$441.82
Upside / Downside1,664.71%3,908.20%4,177.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,845.401,965.352,093.102,229.152,374.042,528.352,604.20
Payout Ratio55.92%62.74%69.55%76.37%83.18%90.00%92.50%
Projected Dividends (M)1,031.941,232.981,455.791,702.351,974.822,275.522,408.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.53%6.53%6.53%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,146.551,157.421,168.28
Year 2 PV (M)1,258.841,282.821,307.02
Year 3 PV (M)1,368.861,408.161,448.20
Year 4 PV (M)1,476.641,533.431,591.84
Year 5 PV (M)1,582.211,658.631,737.98
PV of Terminal Value (M)47,468.2049,760.9352,141.41
Equity Value (M)54,301.3156,801.3959,394.73
Shares Outstanding (M)830.67830.67830.67
Fair Value$65.37$68.38$71.50
Upside / Downside532.82%561.96%592.18%

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