Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yabao Pharmaceutical Group Co., Ltd (600351.SS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - Specialty & GenericSector: Healthcare

Valuation Snapshot

Stable Growth$4.44 - $8.13$5.97
Multi-Stage$9.71 - $10.67$10.18
Blended Fair Value$8.07
Current Price$6.54
Upside23.43%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.96%2.04%0.160.070.110.080.070.340.160.080.160.24
YoY Growth--121.53%-37.18%35.11%22.03%-79.44%112.80%91.74%-47.68%-33.31%82.27%
Dividend Yield--2.60%1.13%1.62%1.01%1.41%6.79%1.91%1.09%1.82%2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)222.85
(-) Cash Dividends Paid (M)210.34
(=) Cash Retained (M)12.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)44.5727.8616.71
Cash Retained (M)12.5112.5112.51
(-) Cash Required (M)-44.57-27.86-16.71
(=) Excess Retained (M)-32.06-15.35-4.21
(/) Shares Outstanding (M)714.52714.52714.52
(=) Excess Retained per Share-0.04-0.02-0.01
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share-0.04-0.02-0.01
(=) Adjusted Dividend0.250.270.29
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate0.04%1.04%2.04%
Fair Value$4.44$5.97$8.13
Upside / Downside-32.11%-8.78%24.27%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)222.85225.17227.51229.88232.27234.68241.72
Payout Ratio94.39%93.51%92.63%91.75%90.88%90.00%92.50%
Projected Dividends (M)210.34210.55210.75210.92211.08211.22223.59

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.66%5.66%5.66%
Growth Rate0.04%1.04%2.04%
Year 1 PV (M)197.30199.27201.24
Year 2 PV (M)185.05188.76192.52
Year 3 PV (M)173.54178.80184.16
Year 4 PV (M)162.74169.34176.14
Year 5 PV (M)152.59160.37168.46
PV of Terminal Value (M)6,067.006,376.356,698.20
Equity Value (M)6,938.217,272.907,620.73
Shares Outstanding (M)714.52714.52714.52
Fair Value$9.71$10.18$10.67
Upside / Downside48.48%55.64%63.08%

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