Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sanquan Food Co., Ltd. (002216.SZ)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$22.68 - $123.61$44.13
Multi-Stage$13.19 - $14.41$13.79
Blended Fair Value$28.96
Current Price$10.75
Upside169.38%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS73.73%36.40%0.510.360.210.550.050.030.020.010.010.01
YoY Growth--42.64%75.09%-62.90%909.42%69.24%36.86%88.38%5.07%-13.33%-40.00%
Dividend Yield--4.64%2.93%1.25%3.68%0.27%0.18%0.31%0.18%0.15%0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)543.69
(-) Cash Dividends Paid (M)272.85
(=) Cash Retained (M)270.85
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)108.7467.9640.78
Cash Retained (M)270.85270.85270.85
(-) Cash Required (M)-108.74-67.96-40.78
(=) Excess Retained (M)162.11202.89230.07
(/) Shares Outstanding (M)874.71874.71874.71
(=) Excess Retained per Share0.190.230.26
LTM Dividend per Share0.310.310.31
(+) Excess Retained per Share0.190.230.26
(=) Adjusted Dividend0.500.540.57
WACC / Discount Rate7.81%7.81%7.81%
Growth Rate5.50%6.50%7.50%
Fair Value$22.68$44.13$123.61
Upside / Downside111.02%310.50%1,049.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)543.69579.03616.67656.76699.44744.91767.26
Payout Ratio50.18%58.15%66.11%74.07%82.04%90.00%92.50%
Projected Dividends (M)272.85336.69407.68486.48573.80670.42709.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.81%7.81%7.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)309.36312.29315.22
Year 2 PV (M)344.18350.74357.36
Year 3 PV (M)377.37388.20399.24
Year 4 PV (M)408.97424.70440.88
Year 5 PV (M)439.05460.25482.27
PV of Terminal Value (M)9,657.6410,124.1110,608.43
Equity Value (M)11,536.5812,060.3012,603.40
Shares Outstanding (M)874.71874.71874.71
Fair Value$13.19$13.79$14.41
Upside / Downside22.69%28.26%34.03%

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