Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yunnan Tin Company Limited (000960.SZ)

Company Dividend Discount ModelIndustry: Industrial MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$10.98 - $17.05$13.79
Multi-Stage$16.10 - $17.65$16.86
Blended Fair Value$15.33
Current Price$23.14
Upside-33.77%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.21%-0.92%0.510.120.110.470.410.390.450.350.370.41
YoY Growth--329.42%9.09%-77.11%16.83%2.93%-12.82%30.29%-6.19%-9.17%-26.96%
Dividend Yield--3.33%0.78%0.73%2.26%3.29%4.77%3.45%2.57%2.81%3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,906.16
(-) Cash Dividends Paid (M)724.71
(=) Cash Retained (M)1,181.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)381.23238.27142.96
Cash Retained (M)1,181.451,181.451,181.45
(-) Cash Required (M)-381.23-238.27-142.96
(=) Excess Retained (M)800.22943.181,038.49
(/) Shares Outstanding (M)1,671.131,671.131,671.13
(=) Excess Retained per Share0.480.560.62
LTM Dividend per Share0.430.430.43
(+) Excess Retained per Share0.480.560.62
(=) Adjusted Dividend0.911.001.06
WACC / Discount Rate8.59%8.59%8.59%
Growth Rate0.26%1.26%2.26%
Fair Value$10.98$13.79$17.05
Upside / Downside-52.53%-40.41%-26.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,906.161,930.141,954.421,979.012,003.902,029.112,089.99
Payout Ratio38.02%48.42%58.81%69.21%79.60%90.00%92.50%
Projected Dividends (M)724.71934.481,149.431,369.631,595.181,826.201,933.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.59%8.59%8.59%
Growth Rate0.26%1.26%2.26%
Year 1 PV (M)852.08860.58869.08
Year 2 PV (M)955.65974.81994.16
Year 3 PV (M)1,038.321,069.701,101.71
Year 4 PV (M)1,102.691,147.341,193.34
Year 5 PV (M)1,151.061,209.631,270.55
PV of Terminal Value (M)21,808.4222,917.9424,072.18
Equity Value (M)26,908.2328,180.0129,501.02
Shares Outstanding (M)1,671.131,671.131,671.13
Fair Value$16.10$16.86$17.65
Upside / Downside-30.42%-27.13%-23.71%

High-Yield Dividend Screener

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