Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Xiangyu Medical Co.,Ltd (688626.SS)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$3.52 - $5.11$4.29
Multi-Stage$6.12 - $6.71$6.41
Blended Fair Value$5.35
Current Price$51.10
Upside-89.52%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.560.260.390.390.010.000.000.660.000.00
YoY Growth--111.56%-32.50%0.88%7,273.22%0.00%-100.00%-99.97%0.00%0.00%0.00%
Dividend Yield--1.54%0.59%0.96%1.02%0.01%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)73.51
(-) Cash Dividends Paid (M)41.33
(=) Cash Retained (M)32.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.709.195.51
Cash Retained (M)32.1832.1832.18
(-) Cash Required (M)-14.70-9.19-5.51
(=) Excess Retained (M)17.4822.9926.67
(/) Shares Outstanding (M)152.83152.83152.83
(=) Excess Retained per Share0.110.150.17
LTM Dividend per Share0.270.270.27
(+) Excess Retained per Share0.110.150.17
(=) Adjusted Dividend0.380.420.44
WACC / Discount Rate8.70%8.70%8.70%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.52$4.29$5.11
Upside / Downside-93.11%-91.60%-90.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)73.5172.7872.0571.3370.6169.9172.01
Payout Ratio56.22%62.98%69.73%76.49%83.24%90.00%92.50%
Projected Dividends (M)41.3345.8350.2454.5658.7862.9266.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.70%8.70%8.70%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)41.7442.1642.59
Year 2 PV (M)41.6642.5243.38
Year 3 PV (M)41.2042.4743.77
Year 4 PV (M)40.4242.1043.82
Year 5 PV (M)39.4041.4543.59
PV of Terminal Value (M)731.21769.29808.93
Equity Value (M)935.63979.991,026.09
Shares Outstanding (M)152.83152.83152.83
Fair Value$6.12$6.41$6.71
Upside / Downside-88.02%-87.45%-86.86%

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