Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

Zhejiang Fulai New Material Co.,Ltd. (605488.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$9.25 - $17.29$12.53
Multi-Stage$21.53 - $23.69$22.59
Blended Fair Value$17.56
Current Price$36.15
Upside-51.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS1.93%0.00%0.300.250.310.290.290.280.070.010.000.00
YoY Growth--21.19%-19.82%9.45%-2.10%5.66%294.63%419.22%0.00%0.00%0.00%
Dividend Yield--0.95%2.57%3.19%2.34%2.02%1.91%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)133.70
(-) Cash Dividends Paid (M)66.09
(=) Cash Retained (M)67.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.7416.7110.03
Cash Retained (M)67.6167.6167.61
(-) Cash Required (M)-26.74-16.71-10.03
(=) Excess Retained (M)40.8750.8957.58
(/) Shares Outstanding (M)213.28213.28213.28
(=) Excess Retained per Share0.190.240.27
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share0.190.240.27
(=) Adjusted Dividend0.500.550.58
WACC / Discount Rate5.34%5.34%5.34%
Growth Rate-0.07%0.93%1.93%
Fair Value$9.25$12.53$17.29
Upside / Downside-74.41%-65.34%-52.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.70134.93136.18137.44138.72140.00144.20
Payout Ratio49.43%57.55%65.66%73.77%81.89%90.00%92.50%
Projected Dividends (M)66.0977.6589.42101.40113.59126.00133.38

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.34%5.34%5.34%
Growth Rate-0.07%0.93%1.93%
Year 1 PV (M)72.9873.7174.44
Year 2 PV (M)78.9980.5882.18
Year 3 PV (M)84.1886.7489.34
Year 4 PV (M)88.6492.2495.95
Year 5 PV (M)92.4197.12102.03
PV of Terminal Value (M)4,174.274,387.364,609.06
Equity Value (M)4,591.464,817.745,053.01
Shares Outstanding (M)213.28213.28213.28
Fair Value$21.53$22.59$23.69
Upside / Downside-40.45%-37.51%-34.46%

High-Yield Dividend Screener

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