Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Imeik Technology Development Co.,Ltd. (300896.SZ)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$134.26 - $457.89$220.36
Multi-Stage$91.28 - $99.50$95.31
Blended Fair Value$157.83
Current Price$181.55
Upside-13.06%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS61.86%0.00%1.663.331.511.400.000.150.160.070.000.00
YoY Growth---50.25%121.14%8.00%0.00%-100.00%-9.42%145.65%0.00%0.00%0.00%
Dividend Yield--0.92%1.33%0.38%0.41%0.00%0.11%0.12%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,465.35
(-) Cash Dividends Paid (M)1,145.42
(=) Cash Retained (M)319.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)293.07183.17109.90
Cash Retained (M)319.93319.93319.93
(-) Cash Required (M)-293.07-183.17-109.90
(=) Excess Retained (M)26.86136.76210.03
(/) Shares Outstanding (M)301.47301.47301.47
(=) Excess Retained per Share0.090.450.70
LTM Dividend per Share3.803.803.80
(+) Excess Retained per Share0.090.450.70
(=) Adjusted Dividend3.894.254.50
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate5.50%6.50%7.50%
Fair Value$134.26$220.36$457.89
Upside / Downside-26.05%21.37%152.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,465.351,560.591,662.031,770.061,885.122,007.652,067.88
Payout Ratio78.17%80.53%82.90%85.27%87.63%90.00%92.50%
Projected Dividends (M)1,145.421,256.801,377.831,509.281,651.991,806.891,912.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.56%8.56%8.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,146.881,157.751,168.62
Year 2 PV (M)1,147.351,169.211,191.27
Year 3 PV (M)1,146.891,179.811,213.36
Year 4 PV (M)1,145.541,189.601,234.91
Year 5 PV (M)1,143.361,198.591,255.93
PV of Terminal Value (M)21,786.8322,839.1423,931.73
Equity Value (M)27,516.8628,734.1029,995.82
Shares Outstanding (M)301.47301.47301.47
Fair Value$91.28$95.31$99.50
Upside / Downside-49.72%-47.50%-45.20%

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