Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hubei Feilihua Quartz Glass Co., Ltd. (300395.SZ)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$61.94 - $161.75$151.58
Multi-Stage$22.78 - $24.94$23.84
Blended Fair Value$87.71
Current Price$75.70
Upside15.87%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.94%25.95%0.240.200.150.120.120.120.090.100.060.03
YoY Growth--18.55%31.23%28.25%0.13%0.41%33.18%-7.50%50.21%101.73%34.17%
Dividend Yield--0.54%0.68%0.35%0.32%0.48%0.86%0.67%0.98%0.62%0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)413.29
(-) Cash Dividends Paid (M)72.59
(=) Cash Retained (M)340.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)82.6651.6631.00
Cash Retained (M)340.70340.70340.70
(-) Cash Required (M)-82.66-51.66-31.00
(=) Excess Retained (M)258.04289.04309.71
(/) Shares Outstanding (M)508.15508.15508.15
(=) Excess Retained per Share0.510.570.61
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.510.570.61
(=) Adjusted Dividend0.650.710.75
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate5.50%6.50%7.50%
Fair Value$61.94$151.58$161.75
Upside / Downside-18.18%100.24%113.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)413.29440.16468.77499.24531.69566.25583.24
Payout Ratio17.56%32.05%46.54%61.03%75.51%90.00%92.50%
Projected Dividends (M)72.59141.08218.16304.66401.49509.62539.49

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.61%6.61%6.61%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)131.09132.33133.57
Year 2 PV (M)188.36191.95195.57
Year 3 PV (M)244.43251.45258.60
Year 4 PV (M)299.31310.82322.66
Year 5 PV (M)353.03370.08387.78
PV of Terminal Value (M)10,357.4410,857.7111,377.12
Equity Value (M)11,573.6612,114.3412,675.31
Shares Outstanding (M)508.15508.15508.15
Fair Value$22.78$23.84$24.94
Upside / Downside-69.91%-68.51%-67.05%

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