Definitive Analysis
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Definitive Analysis

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Daoming Optics&Chemical Co.,Ltd (002632.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$5.13 - $9.85$7.03
Multi-Stage$7.97 - $8.75$8.36
Blended Fair Value$7.69
Current Price$10.88
Upside-29.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.30%44.16%0.430.450.050.000.180.370.060.040.020.01
YoY Growth---4.28%799.22%2,762.98%-99.01%-51.85%520.48%64.75%50.12%114.71%0.00%
Dividend Yield--4.92%5.13%0.67%0.03%2.83%4.78%0.66%0.42%0.24%0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)205.49
(-) Cash Dividends Paid (M)81.33
(=) Cash Retained (M)124.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.1025.6915.41
Cash Retained (M)124.16124.16124.16
(-) Cash Required (M)-41.10-25.69-15.41
(=) Excess Retained (M)83.0698.47108.75
(/) Shares Outstanding (M)625.12625.12625.12
(=) Excess Retained per Share0.130.160.17
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.130.160.17
(=) Adjusted Dividend0.260.290.30
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate1.30%2.30%3.30%
Fair Value$5.13$7.03$9.85
Upside / Downside-52.80%-35.42%-9.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)205.49210.22215.05219.99225.05230.23237.13
Payout Ratio39.58%49.66%59.75%69.83%79.92%90.00%92.50%
Projected Dividends (M)81.33104.40128.49153.63179.85207.21219.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate1.30%2.30%3.30%
Year 1 PV (M)97.0898.0499.00
Year 2 PV (M)111.10113.31115.54
Year 3 PV (M)123.53127.23130.99
Year 4 PV (M)134.48139.87145.42
Year 5 PV (M)144.07151.33158.87
PV of Terminal Value (M)4,373.764,593.944,822.91
Equity Value (M)4,984.035,223.725,472.73
Shares Outstanding (M)625.12625.12625.12
Fair Value$7.97$8.36$8.75
Upside / Downside-26.72%-23.20%-19.53%

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