Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kunshan Kinglai Hygienic Materials Co.,Ltd. (300260.SZ)

Company Dividend Discount ModelIndustry: Industrial - MachinerySector: Industrials

Valuation Snapshot

Stable Growth$72.17 - $85.03$79.69
Multi-Stage$48.41 - $53.13$50.73
Blended Fair Value$65.21
Current Price$45.66
Upside42.81%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.36%23.42%0.150.160.120.120.100.150.100.030.020.03
YoY Growth---3.27%34.11%-4.13%15.71%-29.26%51.63%253.93%18.41%-11.33%43.01%
Dividend Yield--0.41%0.57%0.31%0.40%1.41%1.79%1.28%0.33%0.27%0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)173.54
(-) Cash Dividends Paid (M)37.93
(=) Cash Retained (M)135.61
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.7121.6913.02
Cash Retained (M)135.61135.61135.61
(-) Cash Required (M)-34.71-21.69-13.02
(=) Excess Retained (M)100.90113.92122.59
(/) Shares Outstanding (M)405.88405.88405.88
(=) Excess Retained per Share0.250.280.30
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.250.280.30
(=) Adjusted Dividend0.340.370.40
WACC / Discount Rate2.55%2.55%2.55%
Growth Rate5.50%6.50%7.50%
Fair Value$72.17$79.69$85.03
Upside / Downside58.07%74.52%86.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)173.54184.82196.83209.63223.25237.76244.90
Payout Ratio21.86%35.49%49.11%62.74%76.37%90.00%92.50%
Projected Dividends (M)37.9365.5896.67131.53170.50213.99226.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.55%2.55%2.55%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)63.3563.9564.55
Year 2 PV (M)90.2091.9293.65
Year 3 PV (M)118.54121.94125.41
Year 4 PV (M)148.43154.14160.01
Year 5 PV (M)179.95188.64197.66
PV of Terminal Value (M)19,049.4419,969.5420,924.85
Equity Value (M)19,649.9220,590.1321,566.14
Shares Outstanding (M)405.88405.88405.88
Fair Value$48.41$50.73$53.13
Upside / Downside6.03%11.10%16.37%

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