Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Runyang New Material Technology Co., Ltd. (300920.SZ)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$6.68 - $14.38$9.53
Multi-Stage$5.30 - $5.77$5.53
Blended Fair Value$7.53
Current Price$47.69
Upside-84.20%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS89.23%50.50%0.220.010.840.450.020.010.000.010.000.01
YoY Growth--1,573.23%-98.47%86.14%2,886.34%69.96%188.43%-52.09%70.91%-25.65%39.91%
Dividend Yield--1.11%0.08%4.68%1.77%0.03%0.02%0.00%0.00%0.01%0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)34.95
(-) Cash Dividends Paid (M)30.82
(=) Cash Retained (M)4.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.994.372.62
Cash Retained (M)4.134.134.13
(-) Cash Required (M)-6.99-4.37-2.62
(=) Excess Retained (M)-2.86-0.231.51
(/) Shares Outstanding (M)100.00100.00100.00
(=) Excess Retained per Share-0.030.000.02
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share-0.030.000.02
(=) Adjusted Dividend0.280.310.32
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate5.50%6.50%7.50%
Fair Value$6.68$9.53$14.38
Upside / Downside-85.99%-80.01%-69.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)34.9537.2239.6442.2244.9647.8949.32
Payout Ratio88.17%88.54%88.90%89.27%89.63%90.00%92.50%
Projected Dividends (M)30.8232.9635.2437.6940.3043.1045.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.92%9.92%9.92%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)29.7029.9830.26
Year 2 PV (M)28.6329.1729.72
Year 3 PV (M)27.5928.3829.19
Year 4 PV (M)26.5927.6128.66
Year 5 PV (M)25.6226.8628.15
PV of Terminal Value (M)392.22411.16430.83
Equity Value (M)530.35553.17576.82
Shares Outstanding (M)100.00100.00100.00
Fair Value$5.30$5.53$5.77
Upside / Downside-88.88%-88.40%-87.90%

High-Yield Dividend Screener

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