Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Xinhua Chemical Co.,Ltd (603867.SS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$192.09 - $226.31$212.09
Multi-Stage$330.02 - $362.29$345.86
Blended Fair Value$278.97
Current Price$33.20
Upside740.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS21.63%12.01%0.580.530.420.340.210.220.180.160.120.14
YoY Growth--9.38%26.72%22.66%64.15%-4.63%20.62%11.58%37.85%-18.33%-22.89%
Dividend Yield--2.26%1.91%1.17%1.43%1.17%0.88%1.00%0.90%0.65%0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)231.70
(-) Cash Dividends Paid (M)90.01
(=) Cash Retained (M)141.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.3428.9617.38
Cash Retained (M)141.70141.70141.70
(-) Cash Required (M)-46.34-28.96-17.38
(=) Excess Retained (M)95.36112.74124.32
(/) Shares Outstanding (M)203.61203.61203.61
(=) Excess Retained per Share0.470.550.61
LTM Dividend per Share0.440.440.44
(+) Excess Retained per Share0.470.550.61
(=) Adjusted Dividend0.911.001.05
WACC / Discount Rate-15.12%-15.12%-15.12%
Growth Rate5.50%6.50%7.50%
Fair Value$192.09$212.09$226.31
Upside / Downside478.58%538.83%581.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)231.70246.77262.81279.89298.08317.46326.98
Payout Ratio38.85%49.08%59.31%69.54%79.77%90.00%92.50%
Projected Dividends (M)90.01121.10155.86194.63237.78285.71302.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-15.12%-15.12%-15.12%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)141.33142.67144.01
Year 2 PV (M)212.28216.32220.40
Year 3 PV (M)309.35318.23327.28
Year 4 PV (M)441.06458.02475.46
Year 5 PV (M)618.49648.36679.38
PV of Terminal Value (M)65,474.2068,636.6371,920.10
Equity Value (M)67,196.7170,420.2473,766.63
Shares Outstanding (M)203.61203.61203.61
Fair Value$330.02$345.86$362.29
Upside / Downside894.05%941.73%991.24%

High-Yield Dividend Screener

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