Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shandong Yanggu Huatai Chemical Co., Ltd. (300121.SZ)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$65.02 - $76.60$71.78
Multi-Stage$136.44 - $149.77$142.98
Blended Fair Value$107.38
Current Price$16.07
Upside568.21%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.50%14.41%0.300.200.100.160.280.580.310.120.090.11
YoY Growth--52.24%97.63%-39.55%-40.68%-52.47%87.52%148.08%44.33%-22.88%44.76%
Dividend Yield--2.48%2.30%0.86%1.67%2.21%7.58%2.98%0.89%0.63%1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)166.97
(-) Cash Dividends Paid (M)89.89
(=) Cash Retained (M)77.07
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)33.3920.8712.52
Cash Retained (M)77.0777.0777.07
(-) Cash Required (M)-33.39-20.87-12.52
(=) Excess Retained (M)43.6856.2064.55
(/) Shares Outstanding (M)433.50433.50433.50
(=) Excess Retained per Share0.100.130.15
LTM Dividend per Share0.210.210.21
(+) Excess Retained per Share0.100.130.15
(=) Adjusted Dividend0.310.340.36
WACC / Discount Rate-18.44%-18.44%-18.44%
Growth Rate5.50%6.50%7.50%
Fair Value$65.02$71.78$76.60
Upside / Downside304.57%346.70%376.66%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)166.97177.82189.38201.69214.80228.76235.62
Payout Ratio53.84%61.07%68.30%75.54%82.77%90.00%92.50%
Projected Dividends (M)89.89108.60129.35152.35177.78205.88217.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-18.44%-18.44%-18.44%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)131.90133.15134.40
Year 2 PV (M)190.83194.47198.13
Year 3 PV (M)272.99280.83288.81
Year 4 PV (M)386.94401.83417.13
Year 5 PV (M)544.28570.57597.86
PV of Terminal Value (M)57,617.7660,400.7263,290.19
Equity Value (M)59,144.7061,981.5564,926.53
Shares Outstanding (M)433.50433.50433.50
Fair Value$136.44$142.98$149.77
Upside / Downside749.01%789.73%832.01%

High-Yield Dividend Screener

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