Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

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Industry

Sector

Hangzhou Toka Ink Co., Ltd. (688571.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$5.38 - $11.71$7.71
Multi-Stage$4.18 - $4.55$4.36
Blended Fair Value$6.03
Current Price$7.91
Upside-23.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720152014
DPS14.65%10.80%0.150.120.160.090.100.080.050.060.140.17
YoY Growth--22.55%-20.00%81.82%-12.70%27.27%46.63%-8.43%-59.47%-14.05%201.08%
Dividend Yield--2.11%1.98%2.60%1.41%1.37%0.69%0.00%0.00%1.26%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)113.74
(-) Cash Dividends Paid (M)83.92
(=) Cash Retained (M)29.81
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.7514.228.53
Cash Retained (M)29.8129.8129.81
(-) Cash Required (M)-22.75-14.22-8.53
(=) Excess Retained (M)7.0715.6021.28
(/) Shares Outstanding (M)409.63409.63409.63
(=) Excess Retained per Share0.020.040.05
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.020.040.05
(=) Adjusted Dividend0.220.240.26
WACC / Discount Rate9.86%9.86%9.86%
Growth Rate5.50%6.50%7.50%
Fair Value$5.38$7.71$11.71
Upside / Downside-32.00%-2.56%48.09%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)113.74121.13129.00137.39146.32155.83160.50
Payout Ratio73.79%77.03%80.27%83.51%86.76%90.00%92.50%
Projected Dividends (M)83.9293.30103.55114.74126.94140.24148.46

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.86%9.86%9.86%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)84.1384.9385.73
Year 2 PV (M)84.2085.8087.42
Year 3 PV (M)84.1386.5489.00
Year 4 PV (M)83.9387.1590.47
Year 5 PV (M)83.6187.6591.84
PV of Terminal Value (M)1,290.811,353.151,417.89
Equity Value (M)1,710.811,785.231,862.36
Shares Outstanding (M)409.63409.63409.63
Fair Value$4.18$4.36$4.55
Upside / Downside-47.20%-44.90%-42.52%

High-Yield Dividend Screener

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