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Dashang Co., Ltd. (600694.SS)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$6.83 - $9.21$8.05
Multi-Stage$23.81 - $26.38$25.07
Blended Fair Value$16.56
Current Price$17.76
Upside-6.76%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS52.59%-3.33%0.870.462.870.530.710.100.900.790.651.37
YoY Growth--89.18%-84.05%443.14%-25.36%576.18%-88.34%13.09%22.86%-52.66%12.41%
Dividend Yield--3.99%3.20%18.09%3.30%3.90%0.54%3.43%2.80%1.88%4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)500.06
(-) Cash Dividends Paid (M)316.15
(=) Cash Retained (M)183.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)100.0162.5137.50
Cash Retained (M)183.91183.91183.91
(-) Cash Required (M)-100.01-62.51-37.50
(=) Excess Retained (M)83.90121.40146.40
(/) Shares Outstanding (M)328.30328.30328.30
(=) Excess Retained per Share0.260.370.45
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share0.260.370.45
(=) Adjusted Dividend1.221.331.41
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-9.91%-8.91%-7.91%
Fair Value$6.83$8.05$9.21
Upside / Downside-61.56%-54.67%-48.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)500.06455.52414.96378.00344.33313.67323.08
Payout Ratio63.22%68.58%73.93%79.29%84.64%90.00%92.50%
Projected Dividends (M)316.15312.39306.79299.71291.46282.30298.85

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-9.91%-8.91%-7.91%
Year 1 PV (M)290.99294.22297.45
Year 2 PV (M)266.20272.14278.15
Year 3 PV (M)242.24250.40258.74
Year 4 PV (M)219.44229.34239.58
Year 5 PV (M)197.98209.21220.95
PV of Terminal Value (M)6,599.976,974.487,365.79
Equity Value (M)7,816.828,229.808,660.66
Shares Outstanding (M)328.30328.30328.30
Fair Value$23.81$25.07$26.38
Upside / Downside34.07%41.15%48.54%

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