Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Limin Group Co., Ltd. (002734.SZ)

Company Dividend Discount ModelIndustry: Agricultural InputsSector: Basic Materials

Valuation Snapshot

Stable Growth$57.20 - $192.97$180.84
Multi-Stage$25.26 - $27.64$26.43
Blended Fair Value$103.63
Current Price$17.86
Upside480.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.31%26.74%0.370.320.380.330.320.330.230.170.120.07
YoY Growth--16.34%-17.42%16.42%2.61%-2.33%41.49%34.37%40.46%77.23%101.56%
Dividend Yield--3.49%4.61%3.85%2.99%2.41%2.60%1.98%1.47%0.87%0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)420.12
(-) Cash Dividends Paid (M)175.76
(=) Cash Retained (M)244.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)84.0252.5231.51
Cash Retained (M)244.36244.36244.36
(-) Cash Required (M)-84.02-52.52-31.51
(=) Excess Retained (M)160.34191.85212.86
(/) Shares Outstanding (M)432.99432.99432.99
(=) Excess Retained per Share0.370.440.49
LTM Dividend per Share0.410.410.41
(+) Excess Retained per Share0.370.440.49
(=) Adjusted Dividend0.780.850.90
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Fair Value$57.20$180.84$192.97
Upside / Downside220.25%912.54%980.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)420.12447.43476.52507.49540.48575.61592.88
Payout Ratio41.84%51.47%61.10%70.73%80.37%90.00%92.50%
Projected Dividends (M)175.76230.29291.16358.97434.36518.05548.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.93%6.93%6.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)213.33215.36217.38
Year 2 PV (M)249.87254.63259.44
Year 3 PV (M)285.39293.59301.93
Year 4 PV (M)319.92332.22344.88
Year 5 PV (M)353.47370.54388.27
PV of Terminal Value (M)9,516.909,976.5610,453.83
Equity Value (M)10,938.8811,442.9011,965.72
Shares Outstanding (M)432.99432.99432.99
Fair Value$25.26$26.43$27.64
Upside / Downside41.46%47.97%54.73%

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