Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhende Medical Co., Ltd. (603301.SS)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$54.83 - $208.18$159.57
Multi-Stage$26.55 - $29.00$27.75
Blended Fair Value$93.66
Current Price$46.66
Upside100.73%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.26%10.25%0.591.580.612.030.290.220.080.080.080.14
YoY Growth---62.38%157.97%-69.79%594.25%34.22%177.62%-1.60%-5.61%-40.12%-37.09%
Dividend Yield--2.75%7.60%1.70%5.14%0.51%0.77%0.39%0.55%0.58%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)280.90
(-) Cash Dividends Paid (M)191.55
(=) Cash Retained (M)89.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)56.1835.1121.07
Cash Retained (M)89.3589.3589.35
(-) Cash Required (M)-56.18-35.11-21.07
(=) Excess Retained (M)33.1754.2468.28
(/) Shares Outstanding (M)268.34268.34268.34
(=) Excess Retained per Share0.120.200.25
LTM Dividend per Share0.710.710.71
(+) Excess Retained per Share0.120.200.25
(=) Adjusted Dividend0.840.920.97
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Fair Value$54.83$159.57$208.18
Upside / Downside17.51%241.98%346.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)280.90299.15318.60339.31361.36384.85396.40
Payout Ratio68.19%72.55%76.91%81.28%85.64%90.00%92.50%
Projected Dividends (M)191.55217.04245.05275.78309.47346.37366.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.11%7.11%7.11%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)200.73202.63204.54
Year 2 PV (M)209.60213.59217.62
Year 3 PV (M)218.15224.42230.80
Year 4 PV (M)226.40235.11244.07
Year 5 PV (M)234.36245.67257.43
PV of Terminal Value (M)6,034.356,325.816,628.43
Equity Value (M)7,123.597,447.247,782.88
Shares Outstanding (M)268.34268.34268.34
Fair Value$26.55$27.75$29.00
Upside / Downside-43.11%-40.52%-37.84%

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