Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Poly Plastic Masterbatch (SuZhou) Co.,Ltd (300905.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$67.35 - $156.64$146.80
Multi-Stage$23.19 - $25.38$24.26
Blended Fair Value$85.53
Current Price$37.14
Upside130.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS185.64%0.00%0.500.160.330.430.210.000.010.020.010.00
YoY Growth--207.04%-50.00%-24.71%102.39%8,028.74%-48.93%-68.21%45.15%0.00%0.00%
Dividend Yield--1.82%1.09%1.87%2.13%0.73%0.01%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)139.29
(-) Cash Dividends Paid (M)53.37
(=) Cash Retained (M)85.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.8617.4110.45
Cash Retained (M)85.9385.9385.93
(-) Cash Required (M)-27.86-17.41-10.45
(=) Excess Retained (M)58.0768.5175.48
(/) Shares Outstanding (M)176.85176.85176.85
(=) Excess Retained per Share0.330.390.43
LTM Dividend per Share0.300.300.30
(+) Excess Retained per Share0.330.390.43
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Fair Value$67.35$146.80$156.64
Upside / Downside81.33%295.25%321.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)139.29148.35157.99168.26179.20190.84196.57
Payout Ratio38.31%48.65%58.99%69.33%79.66%90.00%92.50%
Projected Dividends (M)53.3772.1793.19116.65142.75171.76181.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)67.1467.7868.41
Year 2 PV (M)80.6582.1983.74
Year 3 PV (M)93.9096.6099.35
Year 4 PV (M)106.91111.02115.25
Year 5 PV (M)119.66125.44131.44
PV of Terminal Value (M)3,632.613,808.073,990.24
Equity Value (M)4,100.874,291.094,488.42
Shares Outstanding (M)176.85176.85176.85
Fair Value$23.19$24.26$25.38
Upside / Downside-37.56%-34.67%-31.66%

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