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Jacobson Pharma Corporation Limited (2633.HK)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$3.97 - $7.28$5.34
Multi-Stage$6.52 - $7.16$6.83
Blended Fair Value$6.09
Current Price$1.18
Upside415.78%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-9.88%19.99%0.030.050.050.030.030.050.050.020.120.00
YoY Growth---36.36%-10.02%101.13%-18.18%-36.93%13.02%112.37%-82.55%13,195.83%-81.30%
Dividend Yield--2.59%8.27%5.49%4.08%3.37%3.64%2.86%1.18%7.66%0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)539.58
(-) Cash Dividends Paid (M)197.63
(=) Cash Retained (M)341.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)107.9267.4540.47
Cash Retained (M)341.95341.95341.95
(-) Cash Required (M)-107.92-67.45-40.47
(=) Excess Retained (M)234.04274.51301.48
(/) Shares Outstanding (M)1,952.601,952.601,952.60
(=) Excess Retained per Share0.120.140.15
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.120.140.15
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate0.90%1.90%2.90%
Fair Value$3.97$5.34$7.28
Upside / Downside236.78%352.65%516.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)539.58549.82560.26570.89581.72592.76610.54
Payout Ratio36.63%47.30%57.98%68.65%79.33%90.00%92.50%
Projected Dividends (M)197.63260.07324.81391.92461.45533.48564.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate0.90%1.90%2.90%
Year 1 PV (M)241.78244.18246.57
Year 2 PV (M)280.73286.32291.97
Year 3 PV (M)314.90324.35334.00
Year 4 PV (M)344.69358.56372.84
Year 5 PV (M)370.46389.19408.66
PV of Terminal Value (M)11,171.2711,735.9512,323.24
Equity Value (M)12,723.8313,338.5413,977.27
Shares Outstanding (M)1,952.601,952.601,952.60
Fair Value$6.52$6.83$7.16
Upside / Downside452.23%478.91%506.63%

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