Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Gan & Lee Pharmaceuticals. (603087.SS)

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

Valuation Snapshot

Stable Growth$11.99 - $17.52$14.66
Multi-Stage$19.70 - $21.51$20.59
Blended Fair Value$17.62
Current Price$75.90
Upside-76.78%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%107.61%0.710.000.290.380.340.000.000.000.000.00
YoY Growth--0.00%-100.00%-25.00%12.00%0.00%0.00%0.00%-100.00%-18.67%887.12%
Dividend Yield--1.58%0.00%0.76%0.73%0.26%0.00%0.00%0.00%0.01%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)925.74
(-) Cash Dividends Paid (M)899.82
(=) Cash Retained (M)25.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)185.15115.7269.43
Cash Retained (M)25.9125.9125.91
(-) Cash Required (M)-185.15-115.72-69.43
(=) Excess Retained (M)-159.23-89.80-43.52
(/) Shares Outstanding (M)589.25589.25589.25
(=) Excess Retained per Share-0.27-0.15-0.07
LTM Dividend per Share1.531.531.53
(+) Excess Retained per Share-0.27-0.15-0.07
(=) Adjusted Dividend1.261.371.45
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-0.98%0.02%1.02%
Fair Value$11.99$14.66$17.52
Upside / Downside-84.20%-80.68%-76.92%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)925.74925.90926.06926.22926.38926.54954.34
Payout Ratio97.20%95.76%94.32%92.88%91.44%90.00%92.50%
Projected Dividends (M)899.82886.65873.46860.28847.08833.89882.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-0.98%0.02%1.02%
Year 1 PV (M)802.39810.50818.60
Year 2 PV (M)715.35729.87744.54
Year 3 PV (M)637.60657.11677.02
Year 4 PV (M)568.16591.46615.47
Year 5 PV (M)506.16532.24559.38
PV of Terminal Value (M)8,377.958,809.649,258.94
Equity Value (M)11,607.6012,130.8112,673.94
Shares Outstanding (M)589.25589.25589.25
Fair Value$19.70$20.59$21.51
Upside / Downside-74.05%-72.88%-71.66%

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