Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beingmate Co., Ltd. (002570.SZ)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$0.66 - $0.91$0.79
Multi-Stage$2.07 - $2.30$2.18
Blended Fair Value$1.48
Current Price$6.17
Upside-75.94%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.50%-21.49%0.030.040.050.060.060.050.060.060.040.01
YoY Growth---12.53%-21.58%-16.03%-6.59%25.89%-12.22%-8.67%55.14%576.80%-98.44%
Dividend Yield--0.71%1.17%1.05%1.17%1.21%0.91%0.83%1.17%0.31%0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)137.45
(-) Cash Dividends Paid (M)27.61
(=) Cash Retained (M)109.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.4917.1810.31
Cash Retained (M)109.84109.84109.84
(-) Cash Required (M)-27.49-17.18-10.31
(=) Excess Retained (M)82.3592.6699.53
(/) Shares Outstanding (M)1,092.701,092.701,092.70
(=) Excess Retained per Share0.080.080.09
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.080.080.09
(=) Adjusted Dividend0.100.110.12
WACC / Discount Rate6.23%6.23%6.23%
Growth Rate-7.81%-6.81%-5.81%
Fair Value$0.66$0.79$0.91
Upside / Downside-89.29%-87.25%-85.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)137.45128.08119.35111.22103.6496.5899.47
Payout Ratio20.08%34.07%48.05%62.03%76.02%90.00%92.50%
Projected Dividends (M)27.6143.6357.3568.9978.7886.9292.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.23%6.23%6.23%
Growth Rate-7.81%-6.81%-5.81%
Year 1 PV (M)40.6441.0841.52
Year 2 PV (M)49.7450.8251.92
Year 3 PV (M)55.7357.5659.43
Year 4 PV (M)59.2661.8764.57
Year 5 PV (M)60.8964.2667.79
PV of Terminal Value (M)1,998.002,108.742,224.35
Equity Value (M)2,264.252,384.342,509.58
Shares Outstanding (M)1,092.701,092.701,092.70
Fair Value$2.07$2.18$2.30
Upside / Downside-66.42%-64.63%-62.78%

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