Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinan Shengquan Group Share Holding Co., Ltd. (605589.SS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$62.79 - $252.84$167.12
Multi-Stage$30.90 - $33.79$32.32
Blended Fair Value$99.72
Current Price$33.89
Upside194.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS38.78%27.21%0.430.190.190.240.130.080.170.230.160.06
YoY Growth--128.12%1.05%-20.00%86.14%50.00%-50.00%-28.16%50.00%166.67%50.00%
Dividend Yield--1.53%0.99%0.96%0.81%0.37%0.24%0.49%0.68%0.45%0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,046.77
(-) Cash Dividends Paid (M)469.61
(=) Cash Retained (M)577.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)209.35130.8578.51
Cash Retained (M)577.15577.15577.15
(-) Cash Required (M)-209.35-130.85-78.51
(=) Excess Retained (M)367.80446.31498.65
(/) Shares Outstanding (M)823.36823.36823.36
(=) Excess Retained per Share0.450.540.61
LTM Dividend per Share0.570.570.57
(+) Excess Retained per Share0.450.540.61
(=) Adjusted Dividend1.021.111.18
WACC / Discount Rate7.21%7.21%7.21%
Growth Rate5.50%6.50%7.50%
Fair Value$62.79$167.12$252.84
Upside / Downside85.27%393.11%646.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,046.771,114.811,187.271,264.441,346.631,434.161,477.19
Payout Ratio44.86%53.89%62.92%71.95%80.97%90.00%92.50%
Projected Dividends (M)469.61600.78747.01909.711,090.401,290.751,366.40

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.21%7.21%7.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)555.12560.38565.64
Year 2 PV (M)637.78649.92662.19
Year 3 PV (M)717.66738.26759.25
Year 4 PV (M)794.83825.40856.84
Year 5 PV (M)869.36911.35954.95
PV of Terminal Value (M)21,865.8322,921.9624,018.51
Equity Value (M)25,440.5826,607.2727,817.37
Shares Outstanding (M)823.36823.36823.36
Fair Value$30.90$32.32$33.79
Upside / Downside-8.83%-4.65%-0.31%

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