Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujian Green Pine Co., Ltd. (300132.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$0.88 - $1.16$1.03
Multi-Stage$1.76 - $1.96$1.86
Blended Fair Value$1.44
Current Price$6.19
Upside-76.71%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-26.88%-10.04%0.030.040.110.260.210.130.050.000.000.07
YoY Growth---23.27%-67.04%-57.82%23.36%58.83%148.16%0.00%-100.00%-96.13%-14.52%
Dividend Yield--0.51%0.87%1.62%3.36%0.98%1.07%0.35%0.00%0.03%0.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)133.51
(-) Cash Dividends Paid (M)5.82
(=) Cash Retained (M)127.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)26.7016.6910.01
Cash Retained (M)127.68127.68127.68
(-) Cash Required (M)-26.70-16.69-10.01
(=) Excess Retained (M)100.98110.99117.67
(/) Shares Outstanding (M)501.72501.72501.72
(=) Excess Retained per Share0.200.220.23
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.200.220.23
(=) Adjusted Dividend0.210.230.25
WACC / Discount Rate9.13%9.13%9.13%
Growth Rate-12.04%-11.04%-10.04%
Fair Value$0.88$1.03$1.16
Upside / Downside-85.71%-83.41%-81.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)133.51118.77105.6693.9983.6174.3876.61
Payout Ratio4.36%21.49%38.62%55.75%72.87%90.00%92.50%
Projected Dividends (M)5.8225.5240.8052.4060.9366.9470.87

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.13%9.13%9.13%
Growth Rate-12.04%-11.04%-10.04%
Year 1 PV (M)23.1323.3923.65
Year 2 PV (M)33.5034.2635.04
Year 3 PV (M)38.9740.3241.69
Year 4 PV (M)41.0642.9644.93
Year 5 PV (M)40.8843.2545.74
PV of Terminal Value (M)706.14747.21790.16
Equity Value (M)883.68931.39981.21
Shares Outstanding (M)501.72501.72501.72
Fair Value$1.76$1.86$1.96
Upside / Downside-71.55%-70.01%-68.41%

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