Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (300760.SZ)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$279.43 - $1,411.84$578.16
Multi-Stage$156.47 - $170.96$163.59
Blended Fair Value$370.87
Current Price$245.69
Upside50.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS48.38%69.20%7.228.813.492.511.511.000.780.505.412.83
YoY Growth---18.06%152.07%39.27%66.67%50.00%28.07%55.28%-90.67%91.20%7,436.29%
Dividend Yield--3.08%3.11%1.12%0.82%0.38%0.38%0.58%0.72%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,601.46
(-) Cash Dividends Paid (M)4,389.83
(=) Cash Retained (M)4,211.62
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,720.291,075.18645.11
Cash Retained (M)4,211.624,211.624,211.62
(-) Cash Required (M)-1,720.29-1,075.18-645.11
(=) Excess Retained (M)2,491.333,136.443,566.51
(/) Shares Outstanding (M)1,211.621,211.621,211.62
(=) Excess Retained per Share2.062.592.94
LTM Dividend per Share3.623.623.62
(+) Excess Retained per Share2.062.592.94
(=) Adjusted Dividend5.686.216.57
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate5.50%6.50%7.50%
Fair Value$279.43$578.16$1,411.84
Upside / Downside13.73%135.32%474.64%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,601.469,160.559,755.9910,390.1311,065.4811,784.7412,138.28
Payout Ratio51.04%58.83%66.62%74.41%82.21%90.00%92.50%
Projected Dividends (M)4,389.835,389.046,499.597,731.759,096.6210,606.2711,227.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,959.335,006.345,053.35
Year 2 PV (M)5,504.405,609.255,715.08
Year 3 PV (M)6,025.796,198.776,375.02
Year 4 PV (M)6,524.226,775.127,033.19
Year 5 PV (M)7,000.407,338.527,689.59
PV of Terminal Value (M)159,567.72167,274.90175,277.06
Equity Value (M)189,581.86198,202.90207,143.28
Shares Outstanding (M)1,211.621,211.621,211.62
Fair Value$156.47$163.59$170.96
Upside / Downside-36.31%-33.42%-30.41%

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