Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinling Pharmaceutical Company Limited (000919.SZ)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$0.41 - $0.60$0.50
Multi-Stage$1.39 - $1.53$1.46
Blended Fair Value$0.98
Current Price$6.85
Upside-85.67%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.97%-3.38%0.100.080.080.080.150.140.210.140.150.15
YoY Growth--23.63%-0.02%0.99%-43.88%4.93%-32.99%43.46%-1.63%-1.27%3.28%
Dividend Yield--1.53%1.19%1.06%0.96%2.38%1.96%2.56%1.70%1.13%1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)37.50
(-) Cash Dividends Paid (M)7.52
(=) Cash Retained (M)29.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.504.692.81
Cash Retained (M)29.9829.9829.98
(-) Cash Required (M)-7.50-4.69-2.81
(=) Excess Retained (M)22.4825.2927.16
(/) Shares Outstanding (M)621.53621.53621.53
(=) Excess Retained per Share0.040.040.04
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.040.040.04
(=) Adjusted Dividend0.050.050.06
WACC / Discount Rate5.63%5.63%5.63%
Growth Rate-5.38%-4.38%-3.38%
Fair Value$0.41$0.50$0.60
Upside / Downside-93.95%-92.64%-91.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37.5035.8634.2832.7831.3529.9730.87
Payout Ratio20.06%34.05%48.04%62.02%76.01%90.00%92.50%
Projected Dividends (M)7.5212.2116.4720.3323.8326.9728.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.63%5.63%5.63%
Growth Rate-5.38%-4.38%-3.38%
Year 1 PV (M)11.4411.5611.68
Year 2 PV (M)14.4514.7615.07
Year 3 PV (M)16.7117.2517.80
Year 4 PV (M)18.3519.1319.95
Year 5 PV (M)19.4620.5121.60
PV of Terminal Value (M)781.75823.94867.94
Equity Value (M)862.16907.15954.04
Shares Outstanding (M)621.53621.53621.53
Fair Value$1.39$1.46$1.53
Upside / Downside-79.75%-78.69%-77.59%

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