Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Andon Health Co., Ltd. (002432.SZ)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$228.58 - $867.87$665.22
Multi-Stage$105.58 - $115.63$110.51
Blended Fair Value$387.87
Current Price$38.79
Upside899.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS85.48%48.44%0.442.740.740.080.020.020.010.030.010.02
YoY Growth---83.93%268.50%778.04%449.54%-23.15%37.71%-42.44%143.36%-53.88%165.96%
Dividend Yield--1.05%6.28%1.68%0.11%0.19%0.22%0.19%0.28%0.07%0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,889.15
(-) Cash Dividends Paid (M)153.49
(=) Cash Retained (M)1,735.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)377.83236.14141.69
Cash Retained (M)1,735.661,735.661,735.66
(-) Cash Required (M)-377.83-236.14-141.69
(=) Excess Retained (M)1,357.831,499.521,593.97
(/) Shares Outstanding (M)432.91432.91432.91
(=) Excess Retained per Share3.143.463.68
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share3.143.463.68
(=) Adjusted Dividend3.493.824.04
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Fair Value$228.58$665.22$867.87
Upside / Downside489.27%1,614.93%2,137.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,889.152,011.952,142.722,282.002,430.332,588.302,665.95
Payout Ratio8.12%24.50%40.87%57.25%73.62%90.00%92.50%
Projected Dividends (M)153.49492.92875.841,306.441,789.332,329.472,466.00

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)455.88460.20464.52
Year 2 PV (M)749.13763.40777.80
Year 3 PV (M)1,033.461,063.121,093.35
Year 4 PV (M)1,309.061,359.401,411.19
Year 5 PV (M)1,576.141,652.271,731.31
PV of Terminal Value (M)40,583.5942,543.8044,579.02
Equity Value (M)45,707.2647,842.1950,057.19
Shares Outstanding (M)432.91432.91432.91
Fair Value$105.58$110.51$115.63
Upside / Downside172.19%184.90%198.09%

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