Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sichuan Shengda Forestry Industry Co., Ltd (002259.SZ)

Company Dividend Discount ModelIndustry: Oil & Gas IntegratedSector: Energy

Valuation Snapshot

Stable Growth$0.41 - $0.57$0.49
Multi-Stage$0.58 - $0.63$0.60
Blended Fair Value$0.55
Current Price$4.08
Upside-86.63%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.64%-16.69%0.020.050.020.020.000.010.010.070.100.06
YoY Growth---50.30%183.11%-29.47%801.51%-79.73%-12.77%-78.51%-31.46%66.06%-58.38%
Dividend Yield--0.97%1.36%0.46%0.78%0.06%0.57%0.56%1.14%1.03%0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)51.90
(-) Cash Dividends Paid (M)12.03
(=) Cash Retained (M)39.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.386.493.89
Cash Retained (M)39.8839.8839.88
(-) Cash Required (M)-10.38-6.49-3.89
(=) Excess Retained (M)29.5033.3935.98
(/) Shares Outstanding (M)752.93752.93752.93
(=) Excess Retained per Share0.040.040.05
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.040.040.05
(=) Adjusted Dividend0.060.060.06
WACC / Discount Rate11.03%11.03%11.03%
Growth Rate-2.21%-1.21%-0.21%
Fair Value$0.41$0.49$0.57
Upside / Downside-90.01%-88.06%-86.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)51.9051.2850.6650.0549.4448.8550.31
Payout Ratio23.17%36.54%49.90%63.27%76.63%90.00%92.50%
Projected Dividends (M)12.0318.7325.2831.6637.8943.9646.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.03%11.03%11.03%
Growth Rate-2.21%-1.21%-0.21%
Year 1 PV (M)16.7016.8717.04
Year 2 PV (M)20.0920.5120.92
Year 3 PV (M)22.4423.1323.84
Year 4 PV (M)23.9424.9325.96
Year 5 PV (M)24.7626.0527.40
PV of Terminal Value (M)326.46343.49361.23
Equity Value (M)434.39455.00476.40
Shares Outstanding (M)752.93752.93752.93
Fair Value$0.58$0.60$0.63
Upside / Downside-85.86%-85.19%-84.49%

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