Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang Jianye Chemical Co., Ltd. (603948.SS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$228.94 - $269.73$252.78
Multi-Stage$488.11 - $535.82$511.52
Blended Fair Value$382.15
Current Price$25.36
Upside1,406.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS114.22%0.00%1.011.940.550.200.250.020.370.080.100.15
YoY Growth---47.92%254.52%175.00%-20.59%1,018.81%-93.96%341.65%-16.44%-31.99%0.00%
Dividend Yield--5.59%9.01%2.44%0.69%1.39%0.09%1.81%0.41%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)218.47
(-) Cash Dividends Paid (M)164.54
(=) Cash Retained (M)53.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.6927.3116.39
Cash Retained (M)53.9353.9353.93
(-) Cash Required (M)-43.69-27.31-16.39
(=) Excess Retained (M)10.2426.6237.54
(/) Shares Outstanding (M)160.92160.92160.92
(=) Excess Retained per Share0.060.170.23
LTM Dividend per Share1.021.021.02
(+) Excess Retained per Share0.060.170.23
(=) Adjusted Dividend1.091.191.26
WACC / Discount Rate-18.73%-18.73%-18.73%
Growth Rate5.40%6.40%7.40%
Fair Value$228.94$252.78$269.73
Upside / Downside802.76%896.76%963.62%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)218.47232.45247.32263.14279.98297.89306.83
Payout Ratio75.31%78.25%81.19%84.13%87.06%90.00%92.50%
Projected Dividends (M)164.54181.89200.80221.37243.76268.11283.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-18.73%-18.73%-18.73%
Growth Rate5.40%6.40%7.40%
Year 1 PV (M)221.71223.82225.92
Year 2 PV (M)298.34304.02309.76
Year 3 PV (M)400.91412.43424.17
Year 4 PV (M)538.10558.81580.12
Year 5 PV (M)721.40756.28792.50
PV of Terminal Value (M)76,368.4880,060.7383,894.44
Equity Value (M)78,548.9482,316.1086,226.90
Shares Outstanding (M)160.92160.92160.92
Fair Value$488.11$511.52$535.82
Upside / Downside1,824.73%1,917.03%2,012.86%

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