Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beijing Succeeder Technology Inc. (688338.SS)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$14.62 - $28.39$20.10
Multi-Stage$13.83 - $15.11$14.46
Blended Fair Value$17.28
Current Price$26.52
Upside-34.85%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS95.76%0.00%0.260.200.190.310.110.010.040.180.030.00
YoY Growth--30.00%4.00%-37.50%172.16%1,150.00%-76.24%-79.05%482.37%0.00%0.00%
Dividend Yield--1.06%0.80%0.52%1.02%0.32%0.01%0.03%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93.90
(-) Cash Dividends Paid (M)34.34
(=) Cash Retained (M)59.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.7811.747.04
Cash Retained (M)59.5659.5659.56
(-) Cash Required (M)-18.78-11.74-7.04
(=) Excess Retained (M)40.7847.8252.52
(/) Shares Outstanding (M)104.91104.91104.91
(=) Excess Retained per Share0.390.460.50
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share0.390.460.50
(=) Adjusted Dividend0.720.780.83
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate3.91%4.91%5.91%
Fair Value$14.62$20.10$28.39
Upside / Downside-44.86%-24.22%7.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93.9098.51103.34108.41113.73119.31122.89
Payout Ratio36.57%47.25%57.94%68.63%79.31%90.00%92.50%
Projected Dividends (M)34.3446.5559.8874.4090.20107.38113.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate3.91%4.91%5.91%
Year 1 PV (M)42.3042.7143.11
Year 2 PV (M)49.4450.4051.37
Year 3 PV (M)55.8357.4659.12
Year 4 PV (M)61.5163.9166.39
Year 5 PV (M)66.5469.8173.20
PV of Terminal Value (M)1,174.951,232.591,292.46
Equity Value (M)1,450.581,516.871,585.64
Shares Outstanding (M)104.91104.91104.91
Fair Value$13.83$14.46$15.11
Upside / Downside-47.86%-45.48%-43.01%

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