Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Zhejiang CONBA Pharmaceutical Co.,Ltd. (600572.SS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - GeneralSector: Healthcare

Valuation Snapshot

Stable Growth$2.08 - $3.12$2.57
Multi-Stage$3.95 - $4.34$4.14
Blended Fair Value$3.36
Current Price$4.35
Upside-22.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.19%9.18%0.190.150.180.030.050.190.180.120.100.14
YoY Growth--24.61%-14.32%476.80%-40.47%-72.46%6.81%52.62%12.65%-24.29%71.47%
Dividend Yield--4.28%3.14%3.02%0.63%1.25%3.68%1.73%1.66%1.55%1.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)687.99
(-) Cash Dividends Paid (M)382.43
(=) Cash Retained (M)305.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)137.6086.0051.60
Cash Retained (M)305.56305.56305.56
(-) Cash Required (M)-137.60-86.00-51.60
(=) Excess Retained (M)167.97219.56253.96
(/) Shares Outstanding (M)2,733.302,733.302,733.30
(=) Excess Retained per Share0.060.080.09
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.060.080.09
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-1.81%-0.81%0.19%
Fair Value$2.08$2.57$3.12
Upside / Downside-52.09%-40.83%-28.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)687.99682.45676.94671.48666.07660.70680.52
Payout Ratio55.59%62.47%69.35%76.23%83.12%90.00%92.50%
Projected Dividends (M)382.43426.32469.47511.90553.62594.63629.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.68%7.68%7.68%
Growth Rate-1.81%-0.81%0.19%
Year 1 PV (M)391.92395.91399.90
Year 2 PV (M)396.76404.89413.09
Year 3 PV (M)397.71409.99422.51
Year 4 PV (M)395.42411.77428.63
Year 5 PV (M)390.44410.73431.85
PV of Terminal Value (M)8,830.029,288.909,766.65
Equity Value (M)10,802.2711,322.1811,862.64
Shares Outstanding (M)2,733.302,733.302,733.30
Fair Value$3.95$4.14$4.34
Upside / Downside-9.15%-4.77%-0.23%

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