Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Angel Yeast Co., Ltd (600298.SS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$180.32 - $344.10$322.47
Multi-Stage$53.81 - $58.90$56.31
Blended Fair Value$189.39
Current Price$39.55
Upside378.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.96%12.58%0.660.640.630.580.460.430.440.360.230.06
YoY Growth--2.99%2.28%8.30%27.86%5.31%-2.26%21.82%57.74%300.41%-71.68%
Dividend Yield--1.92%2.16%1.51%1.40%0.82%1.23%1.59%1.14%1.10%0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,487.84
(-) Cash Dividends Paid (M)580.06
(=) Cash Retained (M)907.77
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)297.57185.98111.59
Cash Retained (M)907.77907.77907.77
(-) Cash Required (M)-297.57-185.98-111.59
(=) Excess Retained (M)610.21721.79796.19
(/) Shares Outstanding (M)859.90859.90859.90
(=) Excess Retained per Share0.710.840.93
LTM Dividend per Share0.670.670.67
(+) Excess Retained per Share0.710.840.93
(=) Adjusted Dividend1.381.511.60
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Fair Value$180.32$322.47$344.10
Upside / Downside355.93%715.36%770.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,487.841,584.551,687.541,797.231,914.052,038.472,099.62
Payout Ratio38.99%49.19%59.39%69.59%79.80%90.00%92.50%
Projected Dividends (M)580.06779.431,002.271,250.781,527.361,834.621,942.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)726.29733.17740.05
Year 2 PV (M)870.25886.82903.56
Year 3 PV (M)1,011.971,041.021,070.62
Year 4 PV (M)1,151.491,195.771,241.32
Year 5 PV (M)1,288.821,351.071,415.71
PV of Terminal Value (M)41,221.3043,212.3045,279.51
Equity Value (M)46,270.1248,420.1750,650.77
Shares Outstanding (M)859.90859.90859.90
Fair Value$53.81$56.31$58.90
Upside / Downside36.05%42.37%48.93%

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