Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Pan Asian Microvent Tech (Jiangsu) Corporation (688386.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$87.69 - $338.17$248.88
Multi-Stage$40.89 - $44.78$42.80
Blended Fair Value$145.84
Current Price$80.90
Upside80.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS11.20%0.00%0.550.550.080.520.330.320.190.090.000.00
YoY Growth---0.36%611.88%-85.17%58.85%1.79%72.87%111.70%0.00%0.00%0.00%
Dividend Yield--1.65%2.17%0.22%1.52%1.06%0.91%0.53%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)123.25
(-) Cash Dividends Paid (M)10.90
(=) Cash Retained (M)112.36
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.6515.419.24
Cash Retained (M)112.36112.36112.36
(-) Cash Required (M)-24.65-15.41-9.24
(=) Excess Retained (M)87.7096.95103.11
(/) Shares Outstanding (M)72.4872.4872.48
(=) Excess Retained per Share1.211.341.42
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share1.211.341.42
(=) Adjusted Dividend1.361.491.57
WACC / Discount Rate7.14%7.14%7.14%
Growth Rate5.50%6.50%7.50%
Fair Value$87.69$248.88$338.17
Upside / Downside8.39%207.64%318.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)123.25131.26139.80148.88158.56168.87173.93
Payout Ratio8.84%25.07%41.30%57.54%73.77%90.00%92.50%
Projected Dividends (M)10.9032.9157.7485.66116.97151.98160.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.14%7.14%7.14%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)30.4330.7231.01
Year 2 PV (M)49.3750.3151.26
Year 3 PV (M)67.7169.6671.64
Year 4 PV (M)85.4988.7892.16
Year 5 PV (M)102.71107.67112.82
PV of Terminal Value (M)2,628.432,755.392,887.20
Equity Value (M)2,964.153,102.523,246.09
Shares Outstanding (M)72.4872.4872.48
Fair Value$40.89$42.80$44.78
Upside / Downside-49.45%-47.09%-44.64%

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