Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tibet Summit Resources Co.,Ltd. (600338.SS)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$2.71 - $3.76$3.24
Multi-Stage$6.71 - $7.41$7.05
Blended Fair Value$5.14
Current Price$13.46
Upside-61.79%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.29%31.51%0.160.010.100.170.050.200.480.430.000.01
YoY Growth--1,966.17%-92.56%-40.66%283.56%-77.03%-58.41%10.47%13,635.34%-59.78%-24.05%
Dividend Yield--1.57%0.08%0.45%0.66%0.43%2.51%2.64%1.86%0.01%0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)446.92
(-) Cash Dividends Paid (M)158.40
(=) Cash Retained (M)288.52
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)89.3855.8733.52
Cash Retained (M)288.52288.52288.52
(-) Cash Required (M)-89.38-55.87-33.52
(=) Excess Retained (M)199.14232.66255.00
(/) Shares Outstanding (M)914.22914.22914.22
(=) Excess Retained per Share0.220.250.28
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.220.250.28
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-6.29%-5.29%-4.29%
Fair Value$2.71$3.24$3.76
Upside / Downside-79.85%-75.95%-72.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)446.92423.28400.89379.68359.60340.58350.79
Payout Ratio35.44%46.35%57.27%68.18%79.09%90.00%92.50%
Projected Dividends (M)158.40196.21229.57258.86284.40306.52324.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-6.29%-5.29%-4.29%
Year 1 PV (M)181.06182.99184.92
Year 2 PV (M)195.48199.68203.92
Year 3 PV (M)203.40209.98216.70
Year 4 PV (M)206.21215.16224.39
Year 5 PV (M)205.09216.27227.93
PV of Terminal Value (M)5,139.555,419.695,711.91
Equity Value (M)6,130.796,443.766,769.77
Shares Outstanding (M)914.22914.22914.22
Fair Value$6.71$7.05$7.41
Upside / Downside-50.18%-47.63%-44.99%

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