Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

Donglai Coating Technology (Shanghai) Co., Ltd. (688129.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$14.40 - $30.98$20.55
Multi-Stage$25.66 - $28.20$26.91
Blended Fair Value$23.73
Current Price$23.39
Upside1.44%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS11.15%0.00%0.410.100.280.210.000.240.110.560.000.00
YoY Growth--327.36%-66.50%33.28%0.00%-100.00%111.39%-79.73%0.00%0.00%0.00%
Dividend Yield--2.07%0.69%1.98%1.28%0.00%0.71%0.33%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)88.40
(-) Cash Dividends Paid (M)36.41
(=) Cash Retained (M)51.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)17.6811.056.63
Cash Retained (M)51.9951.9951.99
(-) Cash Required (M)-17.68-11.05-6.63
(=) Excess Retained (M)34.3140.9445.36
(/) Shares Outstanding (M)112.24112.24112.24
(=) Excess Retained per Share0.310.360.40
LTM Dividend per Share0.320.320.32
(+) Excess Retained per Share0.310.360.40
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate5.61%5.61%5.61%
Growth Rate1.18%2.18%3.18%
Fair Value$14.40$20.55$30.98
Upside / Downside-38.43%-12.15%32.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)88.4090.3292.2994.3096.3698.46101.41
Payout Ratio41.19%50.95%60.71%70.48%80.24%90.00%92.50%
Projected Dividends (M)36.4146.0256.0366.4677.3288.6193.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.61%5.61%5.61%
Growth Rate1.18%2.18%3.18%
Year 1 PV (M)43.1543.5844.00
Year 2 PV (M)49.2650.2451.23
Year 3 PV (M)54.7956.4358.10
Year 4 PV (M)59.7662.1664.63
Year 5 PV (M)64.2267.4670.83
PV of Terminal Value (M)2,608.502,739.982,876.70
Equity Value (M)2,879.693,019.853,165.50
Shares Outstanding (M)112.24112.24112.24
Fair Value$25.66$26.91$28.20
Upside / Downside9.69%15.03%20.58%

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