Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

GRIPM Advanced Materials Co., Ltd. (688456.SS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$114.45 - $134.92$126.40
Multi-Stage$205.98 - $226.78$216.18
Blended Fair Value$171.29
Current Price$50.51
Upside239.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS50.58%0.00%0.280.210.250.150.220.040.200.210.000.00
YoY Growth--36.69%-16.67%60.00%-29.64%503.66%-82.08%-1.92%0.00%0.00%0.00%
Dividend Yield--0.78%0.77%0.79%0.61%0.74%0.09%0.49%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)70.68
(-) Cash Dividends Paid (M)27.56
(=) Cash Retained (M)43.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.148.845.30
Cash Retained (M)43.1343.1343.13
(-) Cash Required (M)-14.14-8.84-5.30
(=) Excess Retained (M)28.9934.2937.82
(/) Shares Outstanding (M)101.04101.04101.04
(=) Excess Retained per Share0.290.340.37
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.290.340.37
(=) Adjusted Dividend0.560.610.65
WACC / Discount Rate-17.98%-17.98%-17.98%
Growth Rate2.25%3.25%4.25%
Fair Value$114.45$126.40$134.92
Upside / Downside126.58%150.25%167.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)70.6872.9875.3677.8180.3482.9585.44
Payout Ratio38.99%49.19%59.39%69.59%79.80%90.00%92.50%
Projected Dividends (M)27.5635.9044.7654.1564.1174.6679.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-17.98%-17.98%-17.98%
Growth Rate2.25%3.25%4.25%
Year 1 PV (M)43.3543.7744.19
Year 2 PV (M)65.2566.5367.82
Year 3 PV (M)95.3298.14101.02
Year 4 PV (M)136.25141.66147.23
Year 5 PV (M)191.58201.13211.06
PV of Terminal Value (M)20,280.8821,292.1722,343.41
Equity Value (M)20,812.6221,843.4022,914.73
Shares Outstanding (M)101.04101.04101.04
Fair Value$205.98$216.18$226.78
Upside / Downside307.79%327.99%348.98%

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