Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

V V Food & Beverage Co.,Ltd (600300.SS)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$1.27 - $1.74$1.51
Multi-Stage$2.79 - $3.07$2.93
Blended Fair Value$2.22
Current Price$3.34
Upside-33.61%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-4.76%-4.06%0.070.030.030.130.070.090.090.080.100.08
YoY Growth--119.13%9.45%-78.60%95.04%-21.73%-2.02%8.79%-19.38%23.00%-20.27%
Dividend Yield--2.06%1.08%0.90%3.00%1.87%2.64%2.52%1.97%1.56%1.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)406.40
(-) Cash Dividends Paid (M)210.99
(=) Cash Retained (M)195.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)81.2850.8030.48
Cash Retained (M)195.41195.41195.41
(-) Cash Required (M)-81.28-50.80-30.48
(=) Excess Retained (M)114.13144.61164.93
(/) Shares Outstanding (M)1,701.651,701.651,701.65
(=) Excess Retained per Share0.070.080.10
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.070.080.10
(=) Adjusted Dividend0.190.210.22
WACC / Discount Rate8.10%8.10%8.10%
Growth Rate-6.06%-5.06%-4.06%
Fair Value$1.27$1.51$1.74
Upside / Downside-62.07%-54.89%-47.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)406.40385.82366.28347.73330.12313.40322.80
Payout Ratio51.92%59.53%67.15%74.77%82.38%90.00%92.50%
Projected Dividends (M)210.99229.69245.96259.98271.96282.06298.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.10%8.10%8.10%
Growth Rate-6.06%-5.06%-4.06%
Year 1 PV (M)210.24212.48214.71
Year 2 PV (M)206.06210.47214.93
Year 3 PV (M)199.36205.80212.37
Year 4 PV (M)190.88199.14207.67
Year 5 PV (M)181.20191.05201.33
PV of Terminal Value (M)3,759.353,963.764,176.97
Equity Value (M)4,747.104,982.705,227.97
Shares Outstanding (M)1,701.651,701.651,701.65
Fair Value$2.79$2.93$3.07
Upside / Downside-16.48%-12.33%-8.02%

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