Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanghai Hajime Advanced Material Technology Co., Ltd. (301000.SZ)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$100.34 - $118.22$110.79
Multi-Stage$27.83 - $30.51$29.14
Blended Fair Value$69.97
Current Price$49.99
Upside39.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS22.44%0.00%0.520.320.330.270.150.190.000.000.000.00
YoY Growth--64.21%-3.90%24.24%78.97%-21.57%4,586.11%316.10%0.00%0.00%0.00%
Dividend Yield--1.25%2.65%2.87%2.14%0.72%0.91%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)144.26
(-) Cash Dividends Paid (M)48.48
(=) Cash Retained (M)95.78
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)28.8518.0310.82
Cash Retained (M)95.7895.7895.78
(-) Cash Required (M)-28.85-18.03-10.82
(=) Excess Retained (M)66.9377.7584.96
(/) Shares Outstanding (M)242.67242.67242.67
(=) Excess Retained per Share0.280.320.35
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.280.320.35
(=) Adjusted Dividend0.480.520.55
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate5.50%6.50%7.50%
Fair Value$100.34$110.79$118.22
Upside / Downside100.73%121.63%136.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)144.26153.64163.62174.26185.58197.65203.58
Payout Ratio33.61%44.88%56.16%67.44%78.72%90.00%92.50%
Projected Dividends (M)48.4868.9691.90117.52146.09177.88188.31

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)64.9265.5466.15
Year 2 PV (M)81.4583.0084.56
Year 3 PV (M)98.06100.88103.74
Year 4 PV (M)114.76119.17123.71
Year 5 PV (M)131.55137.90144.50
PV of Terminal Value (M)6,263.706,566.246,880.36
Equity Value (M)6,754.447,072.737,403.03
Shares Outstanding (M)242.67242.67242.67
Fair Value$27.83$29.14$30.51
Upside / Downside-44.32%-41.70%-38.98%

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