Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

FSPG Hi-Tech Co. Ltd. (000973.SZ)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$18.96 - $22.38$20.96
Multi-Stage$26.34 - $29.18$27.73
Blended Fair Value$24.35
Current Price$7.82
Upside211.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.66%11.38%0.090.040.040.030.030.060.030.050.050.12
YoY Growth--104.92%13.16%26.67%0.00%-48.42%93.88%-40.00%0.00%-57.94%296.28%
Dividend Yield--1.29%1.01%0.78%0.58%0.74%1.31%0.59%0.94%0.59%1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)120.33
(-) Cash Dividends Paid (M)50.19
(=) Cash Retained (M)70.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.0715.049.02
Cash Retained (M)70.1470.1470.14
(-) Cash Required (M)-24.07-15.04-9.02
(=) Excess Retained (M)46.0855.1061.12
(/) Shares Outstanding (M)974.41974.41974.41
(=) Excess Retained per Share0.050.060.06
LTM Dividend per Share0.050.050.05
(+) Excess Retained per Share0.050.060.06
(=) Adjusted Dividend0.100.110.11
WACC / Discount Rate-17.84%-17.84%-17.84%
Growth Rate-4.02%-3.02%-2.02%
Fair Value$18.96$20.96$22.38
Upside / Downside142.51%168.01%186.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)120.33116.70113.18109.76106.45103.24106.34
Payout Ratio41.71%51.37%61.02%70.68%80.34%90.00%92.50%
Projected Dividends (M)50.1959.9469.0777.5885.5292.9298.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-17.84%-17.84%-17.84%
Growth Rate-4.02%-3.02%-2.02%
Year 1 PV (M)72.2172.9673.71
Year 2 PV (M)100.22102.32104.44
Year 3 PV (M)135.61139.89144.26
Year 4 PV (M)180.07187.69195.55
Year 5 PV (M)235.65248.19261.25
PV of Terminal Value (M)24,946.6826,273.5727,656.34
Equity Value (M)25,670.4327,024.6228,435.55
Shares Outstanding (M)974.41974.41974.41
Fair Value$26.34$27.73$29.18
Upside / Downside236.89%254.66%273.17%

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