Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanghai Conant Optical Co., Ltd. (2276.HK)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$14.35 - $20.70$17.45
Multi-Stage$23.27 - $25.57$24.39
Blended Fair Value$20.92
Current Price$34.12
Upside-38.68%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS-18.55%0.00%0.310.150.080.350.000.860.970.000.000.00
YoY Growth--108.75%76.47%-75.74%0.00%-100.00%-10.98%0.00%0.00%0.00%0.00%
Dividend Yield--1.32%2.29%2.01%9.47%0.00%21.24%24.28%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)869.60
(-) Cash Dividends Paid (M)197.57
(=) Cash Retained (M)672.03
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)173.92108.7065.22
Cash Retained (M)672.03672.03672.03
(-) Cash Required (M)-173.92-108.70-65.22
(=) Excess Retained (M)498.11563.33606.81
(/) Shares Outstanding (M)432.14432.14432.14
(=) Excess Retained per Share1.151.301.40
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share1.151.301.40
(=) Adjusted Dividend1.611.761.86
WACC / Discount Rate8.99%8.99%8.99%
Growth Rate-2.00%-1.00%0.00%
Fair Value$14.35$17.45$20.70
Upside / Downside-57.93%-48.86%-39.32%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)869.60860.90852.29843.77835.33826.98851.79
Payout Ratio22.72%36.18%49.63%63.09%76.54%90.00%92.50%
Projected Dividends (M)197.57311.43423.01532.31639.39744.28787.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.99%8.99%8.99%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)282.86285.74288.63
Year 2 PV (M)348.94356.10363.33
Year 3 PV (M)398.82411.15423.74
Year 4 PV (M)435.09453.12471.71
Year 5 PV (M)459.99483.94508.88
PV of Terminal Value (M)8,128.658,551.928,992.65
Equity Value (M)10,054.3410,541.9811,048.94
Shares Outstanding (M)432.14432.14432.14
Fair Value$23.27$24.39$25.57
Upside / Downside-31.81%-28.50%-25.06%

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