Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

WuXi AppTec Co., Ltd. (603259.SS)

Company Dividend Discount ModelIndustry: Medical - Diagnostics & ResearchSector: Healthcare

Valuation Snapshot

Stable Growth$212.21 - $950.20$494.57
Multi-Stage$109.61 - $119.89$114.66
Blended Fair Value$304.61
Current Price$69.55
Upside337.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS33.39%71.73%1.070.960.550.320.220.250.030.010.020.01
YoY Growth--11.94%72.41%75.12%43.04%-12.64%776.43%106.76%-12.38%32.30%151.43%
Dividend Yield--1.59%2.00%0.70%0.28%0.19%0.47%0.07%0.11%0.12%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)13,771.37
(-) Cash Dividends Paid (M)4,337.83
(=) Cash Retained (M)9,433.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,754.271,721.421,032.85
Cash Retained (M)9,433.549,433.549,433.54
(-) Cash Required (M)-2,754.27-1,721.42-1,032.85
(=) Excess Retained (M)6,679.277,712.128,400.69
(/) Shares Outstanding (M)2,882.322,882.322,882.32
(=) Excess Retained per Share2.322.682.91
LTM Dividend per Share1.501.501.50
(+) Excess Retained per Share2.322.682.91
(=) Adjusted Dividend3.824.184.42
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate5.50%6.50%7.50%
Fair Value$212.21$494.57$950.20
Upside / Downside205.12%611.10%1,266.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)13,771.3714,666.5115,619.8316,635.1217,716.4018,867.9719,434.01
Payout Ratio31.50%43.20%54.90%66.60%78.30%90.00%92.50%
Projected Dividends (M)4,337.836,335.808,575.1811,078.9213,871.9016,981.1717,976.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.40%7.40%7.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)5,843.855,899.245,954.63
Year 2 PV (M)7,295.227,434.187,574.44
Year 3 PV (M)8,693.408,942.969,197.25
Year 4 PV (M)10,039.8310,425.9310,823.07
Year 5 PV (M)11,335.8811,883.4112,451.89
PV of Terminal Value (M)272,718.16285,890.55299,567.08
Equity Value (M)315,926.35330,476.27345,568.36
Shares Outstanding (M)2,882.322,882.322,882.32
Fair Value$109.61$114.66$119.89
Upside / Downside57.60%64.85%72.38%

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