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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Mode

Company Industry Sector

Ticker

Industry

Sector

Novoray Corporation (688300.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$157.41 - $266.87$250.09
Multi-Stage$42.78 - $46.84$44.77
Blended Fair Value$147.43
Current Price$62.10
Upside137.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS41.08%29.79%0.440.270.240.200.200.080.070.070.020.03
YoY Growth--66.20%9.35%21.60%-0.20%153.41%16.18%3.94%179.59%-10.70%-19.53%
Dividend Yield--1.00%0.80%0.70%0.67%1.11%0.49%0.44%0.42%0.15%0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)286.52
(-) Cash Dividends Paid (M)93.14
(=) Cash Retained (M)193.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)57.3035.8221.49
Cash Retained (M)193.38193.38193.38
(-) Cash Required (M)-57.30-35.82-21.49
(=) Excess Retained (M)136.07157.56171.89
(/) Shares Outstanding (M)213.52213.52213.52
(=) Excess Retained per Share0.640.740.81
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.640.740.81
(=) Adjusted Dividend1.071.171.24
WACC / Discount Rate6.22%6.22%6.22%
Growth Rate5.50%6.50%7.50%
Fair Value$157.41$250.09$266.87
Upside / Downside153.48%302.73%329.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)286.52305.15324.98346.11368.60392.56404.34
Payout Ratio32.51%44.01%55.51%67.00%78.50%90.00%92.50%
Projected Dividends (M)93.14134.29180.38231.90289.36353.31374.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.22%6.22%6.22%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)125.24126.42127.61
Year 2 PV (M)156.89159.88162.89
Year 3 PV (M)188.11193.51199.01
Year 4 PV (M)218.89227.31235.97
Year 5 PV (M)249.26261.29273.79
PV of Terminal Value (M)8,195.868,591.729,002.73
Equity Value (M)9,134.239,560.1310,002.01
Shares Outstanding (M)213.52213.52213.52
Fair Value$42.78$44.77$46.84
Upside / Downside-31.11%-27.90%-24.57%

High-Yield Dividend Screener

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