Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

AVE Science&Technology CO.,LTD (688067.SS)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$2.52 - $3.57$3.04
Multi-Stage$3.64 - $4.00$3.82
Blended Fair Value$3.43
Current Price$25.91
Upside-86.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-14.97%0.00%0.100.100.290.000.650.220.000.150.000.22
YoY Growth--0.00%-66.67%0.00%-100.00%200.00%0.00%-100.00%0.00%-100.00%0.00%
Dividend Yield--0.54%0.55%1.40%0.00%1.71%0.57%0.00%0.38%0.00%0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27.08
(-) Cash Dividends Paid (M)0.00
(=) Cash Retained (M)27.08
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5.423.392.03
Cash Retained (M)27.0827.0827.08
(-) Cash Required (M)-5.42-3.39-2.03
(=) Excess Retained (M)21.6623.6925.05
(/) Shares Outstanding (M)70.1470.1470.14
(=) Excess Retained per Share0.310.340.36
LTM Dividend per Share0.000.000.00
(+) Excess Retained per Share0.310.340.36
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.52$3.04$3.57
Upside / Downside-90.26%-88.26%-86.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27.0826.8126.5426.2826.0125.7526.53
Payout Ratio0.01%18.01%36.01%54.01%72.00%90.00%92.50%
Projected Dividends (M)0.004.839.5614.1918.7323.1824.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.354.394.43
Year 2 PV (M)7.747.908.06
Year 3 PV (M)10.3410.6610.99
Year 4 PV (M)12.2812.7913.32
Year 5 PV (M)13.6814.3915.13
PV of Terminal Value (M)206.89217.66228.88
Equity Value (M)255.28267.80280.81
Shares Outstanding (M)70.1470.1470.14
Fair Value$3.64$3.82$4.00
Upside / Downside-85.95%-85.26%-84.55%

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