Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Xiamen Kingdomway Group Company (002626.SZ)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$8.96 - $14.84$11.56
Multi-Stage$26.29 - $28.98$27.61
Blended Fair Value$19.59
Current Price$20.14
Upside-2.75%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-23.56%5.62%0.240.260.660.670.650.920.450.230.080.17
YoY Growth---8.43%-60.48%-1.28%3.35%-29.30%104.02%95.00%189.66%-52.21%20.14%
Dividend Yield--1.61%1.71%2.72%2.23%1.64%4.15%3.27%1.25%0.57%0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)482.09
(-) Cash Dividends Paid (M)261.57
(=) Cash Retained (M)220.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)96.4260.2636.16
Cash Retained (M)220.51220.51220.51
(-) Cash Required (M)-96.42-60.26-36.16
(=) Excess Retained (M)124.10160.25184.36
(/) Shares Outstanding (M)609.63609.63609.63
(=) Excess Retained per Share0.200.260.30
LTM Dividend per Share0.430.430.43
(+) Excess Retained per Share0.200.260.30
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate5.24%5.24%5.24%
Growth Rate-1.70%-0.70%0.30%
Fair Value$8.96$11.56$14.84
Upside / Downside-55.52%-42.59%-26.30%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)482.09478.71475.37472.04468.74465.46479.43
Payout Ratio54.26%61.41%68.56%75.70%82.85%90.00%92.50%
Projected Dividends (M)261.57293.96325.89357.35388.36418.92443.47

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.24%5.24%5.24%
Growth Rate-1.70%-0.70%0.30%
Year 1 PV (M)276.50279.32282.13
Year 2 PV (M)288.33294.22300.18
Year 3 PV (M)297.39306.56315.91
Year 4 PV (M)304.00316.56329.51
Year 5 PV (M)308.44324.46341.13
PV of Terminal Value (M)14,555.3515,310.9116,097.53
Equity Value (M)16,030.0116,832.0317,666.39
Shares Outstanding (M)609.63609.63609.63
Fair Value$26.29$27.61$28.98
Upside / Downside30.56%37.09%43.89%

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