Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujian Supertech Advanced Material Co., Ltd. (688398.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$38.08 - $44.87$42.05
Multi-Stage$8.59 - $9.41$8.99
Blended Fair Value$25.52
Current Price$19.01
Upside34.24%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162014
DPS57.63%47.61%0.350.120.220.170.140.040.020.010.040.01
YoY Growth--192.00%-44.44%25.00%20.00%300.00%105.13%83.57%-77.08%182.48%106.91%
Dividend Yield--2.16%0.58%1.04%1.01%0.75%0.17%0.04%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)37.47
(-) Cash Dividends Paid (M)12.34
(=) Cash Retained (M)25.13
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.494.682.81
Cash Retained (M)25.1325.1325.13
(-) Cash Required (M)-7.49-4.68-2.81
(=) Excess Retained (M)17.6420.4522.32
(/) Shares Outstanding (M)166.07166.07166.07
(=) Excess Retained per Share0.110.120.13
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.110.120.13
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate5.71%5.71%5.71%
Growth Rate5.50%6.50%7.50%
Fair Value$38.08$42.05$44.87
Upside / Downside100.33%121.19%136.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37.4739.9042.5045.2648.2051.3352.87
Payout Ratio32.93%44.35%55.76%67.17%78.59%90.00%92.50%
Projected Dividends (M)12.3417.7023.7030.4037.8846.2048.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.71%5.71%5.71%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16.5816.7416.90
Year 2 PV (M)20.8121.2021.60
Year 3 PV (M)25.0125.7326.46
Year 4 PV (M)29.2130.3331.48
Year 5 PV (M)33.3834.9936.67
PV of Terminal Value (M)1,301.501,364.371,429.64
Equity Value (M)1,426.491,493.361,562.75
Shares Outstanding (M)166.07166.07166.07
Fair Value$8.59$8.99$9.41
Upside / Downside-54.82%-52.70%-50.50%

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