Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yangfan New Materials (Zhejiang) Co., Ltd. (300637.SZ)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$7.71 - $9.10$8.52
Multi-Stage$8.16 - $9.02$8.58
Blended Fair Value$8.55
Current Price$13.44
Upside-36.37%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-17.16%-1.27%0.070.080.070.090.140.170.110.160.180.10
YoY Growth---22.49%21.76%-21.44%-38.19%-14.89%60.11%-35.95%-8.45%74.59%37.72%
Dividend Yield--0.70%0.91%0.82%1.17%1.77%1.70%0.61%1.58%2.46%1.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11.70
(-) Cash Dividends Paid (M)10.87
(=) Cash Retained (M)0.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2.341.460.88
Cash Retained (M)0.840.840.84
(-) Cash Required (M)-2.34-1.46-0.88
(=) Excess Retained (M)-1.50-0.63-0.04
(/) Shares Outstanding (M)234.81234.81234.81
(=) Excess Retained per Share-0.010.000.00
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share-0.010.000.00
(=) Adjusted Dividend0.040.040.05
WACC / Discount Rate-12.51%-12.51%-12.51%
Growth Rate-3.27%-2.27%-1.27%
Fair Value$7.71$8.52$9.10
Upside / Downside-42.61%-36.58%-32.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11.7011.4411.1810.9210.6810.4410.75
Payout Ratio92.86%92.29%91.72%91.14%90.57%90.00%92.50%
Projected Dividends (M)10.8710.5610.259.969.679.399.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-12.51%-12.51%-12.51%
Growth Rate-3.27%-2.27%-1.27%
Year 1 PV (M)11.9412.0612.19
Year 2 PV (M)13.1213.3913.67
Year 3 PV (M)14.4214.8715.33
Year 4 PV (M)15.8416.5117.19
Year 5 PV (M)17.4018.3219.28
PV of Terminal Value (M)1,842.331,939.542,040.82
Equity Value (M)1,915.052,014.702,118.48
Shares Outstanding (M)234.81234.81234.81
Fair Value$8.16$8.58$9.02
Upside / Downside-39.32%-36.16%-32.87%

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