Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Henan Taloph Pharmaceutical Stock Co.,Ltd (600222.SS)

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

Valuation Snapshot

Stable Growth$1.61 - $3.56$2.32
Multi-Stage$3.37 - $3.70$3.53
Blended Fair Value$2.92
Current Price$6.49
Upside-54.93%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.67%2.90%0.130.090.120.150.120.110.120.100.000.13
YoY Growth--37.67%-21.01%-24.89%29.16%8.15%-9.65%20.49%0.00%-100.00%33.67%
Dividend Yield--2.39%1.70%1.97%1.92%2.11%1.89%2.05%2.08%0.00%1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)46.95
(-) Cash Dividends Paid (M)43.90
(=) Cash Retained (M)3.06
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.395.873.52
Cash Retained (M)3.063.063.06
(-) Cash Required (M)-9.39-5.87-3.52
(=) Excess Retained (M)-6.34-2.81-0.47
(/) Shares Outstanding (M)550.10550.10550.10
(=) Excess Retained per Share-0.01-0.010.00
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share-0.01-0.010.00
(=) Adjusted Dividend0.070.070.08
WACC / Discount Rate5.18%5.18%5.18%
Growth Rate0.90%1.90%2.90%
Fair Value$1.61$2.32$3.56
Upside / Downside-75.21%-64.28%-45.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)46.9547.8548.7649.6950.6351.5953.14
Payout Ratio93.49%92.79%92.10%91.40%90.70%90.00%92.50%
Projected Dividends (M)43.9044.4044.9045.4145.9246.4349.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.18%5.18%5.18%
Growth Rate0.90%1.90%2.90%
Year 1 PV (M)41.8042.2142.63
Year 2 PV (M)39.7940.5941.39
Year 3 PV (M)37.8839.0240.18
Year 4 PV (M)36.0637.5139.01
Year 5 PV (M)34.3336.0637.87
PV of Terminal Value (M)1,663.221,747.291,834.73
Equity Value (M)1,853.091,942.692,035.80
Shares Outstanding (M)550.10550.10550.10
Fair Value$3.37$3.53$3.70
Upside / Downside-48.10%-45.59%-42.98%

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