Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Qianjiang Biochemical Co., Ltd (600796.SS)

Company Dividend Discount ModelIndustry: Agricultural InputsSector: Basic Materials

Valuation Snapshot

Stable Growth$8.86 - $44.56$18.39
Multi-Stage$4.86 - $5.32$5.09
Blended Fair Value$11.74
Current Price$5.93
Upside97.98%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS97.79%15.38%0.120.220.240.100.090.000.020.030.010.01
YoY Growth---43.19%-7.73%146.41%12.57%1,981.72%-76.73%-30.68%163.80%-34.04%-50.77%
Dividend Yield--2.19%4.32%4.42%1.63%1.79%0.07%0.28%0.38%0.09%0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)182.54
(-) Cash Dividends Paid (M)56.89
(=) Cash Retained (M)125.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.5122.8213.69
Cash Retained (M)125.65125.65125.65
(-) Cash Required (M)-36.51-22.82-13.69
(=) Excess Retained (M)89.14102.83111.96
(/) Shares Outstanding (M)814.60814.60814.60
(=) Excess Retained per Share0.110.130.14
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.110.130.14
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate5.50%6.50%7.50%
Fair Value$8.86$18.39$44.56
Upside / Downside49.36%210.18%651.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)182.54194.40207.04220.49234.83250.09257.59
Payout Ratio31.17%42.93%54.70%66.47%78.23%90.00%92.50%
Projected Dividends (M)56.8983.46113.25146.56183.71225.08238.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)76.8177.5478.27
Year 2 PV (M)95.9297.7599.60
Year 3 PV (M)114.25117.53120.87
Year 4 PV (M)131.81136.87142.09
Year 5 PV (M)148.62155.80163.25
PV of Terminal Value (M)3,394.243,558.193,728.41
Equity Value (M)3,961.664,143.684,332.48
Shares Outstanding (M)814.60814.60814.60
Fair Value$4.86$5.09$5.32
Upside / Downside-17.99%-14.22%-10.31%

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