Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pharmaron Beijing Co., Ltd. (300759.SZ)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$34.07 - $169.93$71.29
Multi-Stage$18.25 - $19.98$19.10
Blended Fair Value$45.19
Current Price$35.75
Upside26.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS30.51%43.25%0.310.250.230.160.080.080.040.030.010.01
YoY Growth--21.91%9.89%42.16%110.27%-5.44%91.96%23.10%320.43%-9.47%6.87%
Dividend Yield--1.14%1.20%0.70%0.31%0.11%0.31%0.22%0.70%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,512.46
(-) Cash Dividends Paid (M)129.68
(=) Cash Retained (M)1,382.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)302.49189.06113.43
Cash Retained (M)1,382.781,382.781,382.78
(-) Cash Required (M)-302.49-189.06-113.43
(=) Excess Retained (M)1,080.291,193.731,269.35
(/) Shares Outstanding (M)1,770.081,770.081,770.08
(=) Excess Retained per Share0.610.670.72
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.610.670.72
(=) Adjusted Dividend0.680.750.79
WACC / Discount Rate7.62%7.62%7.62%
Growth Rate5.50%6.50%7.50%
Fair Value$34.07$71.29$169.93
Upside / Downside-4.71%99.40%375.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,512.461,610.771,715.471,826.981,945.732,072.212,134.37
Payout Ratio8.57%24.86%41.14%57.43%73.71%90.00%92.50%
Projected Dividends (M)129.68400.43705.821,049.231,434.291,864.991,974.29

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.62%7.62%7.62%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)368.59372.09375.58
Year 2 PV (M)598.05609.44620.94
Year 3 PV (M)818.34841.84865.77
Year 4 PV (M)1,029.741,069.341,110.07
Year 5 PV (M)1,232.501,292.031,353.84
PV of Terminal Value (M)28,259.5929,624.5431,041.73
Equity Value (M)32,306.8233,809.2835,367.93
Shares Outstanding (M)1,770.081,770.081,770.08
Fair Value$18.25$19.10$19.98
Upside / Downside-48.95%-46.57%-44.11%

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