Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Walvax Biotechnology Co., Ltd. (300142.SZ)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$5.23 - $6.16$5.78
Multi-Stage$1.24 - $1.36$1.30
Blended Fair Value$3.54
Current Price$11.61
Upside-69.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-9.83%-13.47%0.030.010.030.050.020.040.000.020.080.10
YoY Growth--104.86%-60.12%-39.85%162.57%-53.80%1,441.83%-87.02%-72.79%-18.46%-11.09%
Dividend Yield--0.23%0.08%0.09%0.10%0.04%0.14%0.01%0.10%0.61%0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)49.24
(-) Cash Dividends Paid (M)38.06
(=) Cash Retained (M)11.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9.856.163.69
Cash Retained (M)11.1911.1911.19
(-) Cash Required (M)-9.85-6.16-3.69
(=) Excess Retained (M)1.345.037.50
(/) Shares Outstanding (M)1,588.601,588.601,588.60
(=) Excess Retained per Share0.000.000.00
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.000.000.00
(=) Adjusted Dividend0.020.030.03
WACC / Discount Rate5.64%5.64%5.64%
Growth Rate5.50%6.50%7.50%
Fair Value$5.23$5.78$6.16
Upside / Downside-54.93%-50.24%-46.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)49.2452.4555.8559.4963.3567.4769.49
Payout Ratio77.28%79.82%82.37%84.91%87.46%90.00%92.50%
Projected Dividends (M)38.0641.8646.0150.5155.4060.7264.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.64%5.64%5.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)39.2639.6340.00
Year 2 PV (M)40.4641.2342.00
Year 3 PV (M)41.6542.8544.07
Year 4 PV (M)42.8444.4946.19
Year 5 PV (M)44.0346.1648.37
PV of Terminal Value (M)1,767.431,852.801,941.43
Equity Value (M)1,975.672,067.152,162.06
Shares Outstanding (M)1,588.601,588.601,588.60
Fair Value$1.24$1.30$1.36
Upside / Downside-89.29%-88.79%-88.28%

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