Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

XIANGPIAOPIAO Food Co.,Ltd (603711.SS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$6.15 - $12.05$8.48
Multi-Stage$6.98 - $7.66$7.32
Blended Fair Value$7.90
Current Price$13.04
Upside-39.42%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.98%52.12%0.400.200.230.440.310.270.110.270.010.00
YoY Growth--94.31%-11.84%-47.21%39.01%16.75%154.72%-60.16%3,442.26%0.00%-100.00%
Dividend Yield--2.91%1.21%1.20%3.34%1.49%0.96%0.33%1.23%0.04%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)146.25
(-) Cash Dividends Paid (M)9.60
(=) Cash Retained (M)136.65
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.2518.2810.97
Cash Retained (M)136.65136.65136.65
(-) Cash Required (M)-29.25-18.28-10.97
(=) Excess Retained (M)107.40118.37125.68
(/) Shares Outstanding (M)388.95388.95388.95
(=) Excess Retained per Share0.280.300.32
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.280.300.32
(=) Adjusted Dividend0.300.330.35
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate2.62%3.62%4.62%
Fair Value$6.15$8.48$12.05
Upside / Downside-52.83%-34.95%-7.56%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)146.25151.54157.03162.71168.60174.70179.94
Payout Ratio6.57%23.25%39.94%56.63%73.31%90.00%92.50%
Projected Dividends (M)9.6035.2462.7292.14123.60157.23166.44

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.64%7.64%7.64%
Growth Rate2.62%3.62%4.62%
Year 1 PV (M)32.4232.7433.06
Year 2 PV (M)53.0954.1355.18
Year 3 PV (M)71.7773.8876.04
Year 4 PV (M)88.5892.0895.69
Year 5 PV (M)103.67108.82114.18
PV of Terminal Value (M)2,366.732,484.312,606.53
Equity Value (M)2,716.262,845.972,980.67
Shares Outstanding (M)388.95388.95388.95
Fair Value$6.98$7.32$7.66
Upside / Downside-46.45%-43.89%-41.23%

High-Yield Dividend Screener

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