Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen New Industries Biomedical Engineering Co., Ltd. (300832.SZ)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$50.70 - $139.62$78.41
Multi-Stage$35.82 - $39.06$37.41
Blended Fair Value$57.91
Current Price$68.30
Upside-15.21%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%42.61%1.000.700.600.530.790.000.130.240.070.05
YoY Growth--43.37%16.20%14.12%-33.21%0.00%-100.00%-46.00%233.33%31.04%87.66%
Dividend Yield--1.72%1.03%0.98%1.55%1.25%0.00%0.54%0.99%0.30%0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,649.67
(-) Cash Dividends Paid (M)1,022.12
(=) Cash Retained (M)627.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)329.93206.21123.73
Cash Retained (M)627.55627.55627.55
(-) Cash Required (M)-329.93-206.21-123.73
(=) Excess Retained (M)297.62421.34503.83
(/) Shares Outstanding (M)785.72785.72785.72
(=) Excess Retained per Share0.380.540.64
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share0.380.540.64
(=) Adjusted Dividend1.681.841.94
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate5.50%6.50%7.50%
Fair Value$50.70$78.41$139.62
Upside / Downside-25.77%14.80%104.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,649.671,756.901,871.091,992.722,122.242,260.192,327.99
Payout Ratio61.96%67.57%73.18%78.78%84.39%90.00%92.50%
Projected Dividends (M)1,022.121,187.081,369.181,569.931,791.002,034.172,153.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.00%9.00%9.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,078.891,089.121,099.34
Year 2 PV (M)1,130.971,152.511,174.26
Year 3 PV (M)1,178.601,212.431,246.91
Year 4 PV (M)1,222.011,269.011,317.35
Year 5 PV (M)1,261.431,322.361,385.62
PV of Terminal Value (M)22,273.7223,349.5524,466.56
Equity Value (M)28,145.6329,394.9830,690.03
Shares Outstanding (M)785.72785.72785.72
Fair Value$35.82$37.41$39.06
Upside / Downside-47.55%-45.23%-42.81%

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