Definitive Analysis
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Sinofert Holdings Limited (0297.HK)

Company Dividend Discount ModelIndustry: Agricultural InputsSector: Basic Materials

Valuation Snapshot

Stable Growth$2.43 - $3.80$3.06
Multi-Stage$5.76 - $6.34$6.05
Blended Fair Value$4.55
Current Price$1.17
Upside289.22%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.08%0.00%0.040.060.050.030.030.020.000.000.010.01
YoY Growth---22.63%26.39%65.47%-0.05%36.03%4,815.08%27.06%-96.27%3.31%0.00%
Dividend Yield--3.90%7.02%5.46%2.91%4.33%2.82%0.05%0.03%0.93%0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,787.22
(-) Cash Dividends Paid (M)721.59
(=) Cash Retained (M)1,065.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)357.44223.40134.04
Cash Retained (M)1,065.631,065.631,065.63
(-) Cash Required (M)-357.44-223.40-134.04
(=) Excess Retained (M)708.19842.23931.59
(/) Shares Outstanding (M)7,024.467,024.467,024.46
(=) Excess Retained per Share0.100.120.13
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.100.120.13
(=) Adjusted Dividend0.200.220.24
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.43$3.06$3.80
Upside / Downside107.93%161.66%224.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,787.221,769.351,751.661,734.141,716.801,699.631,750.62
Payout Ratio40.38%50.30%60.23%70.15%80.08%90.00%92.50%
Projected Dividends (M)721.59889.981,054.941,216.501,374.731,529.671,619.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.20%6.20%6.20%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)829.57838.03846.50
Year 2 PV (M)916.57935.37954.36
Year 3 PV (M)985.191,015.661,046.75
Year 4 PV (M)1,037.761,080.771,125.10
Year 5 PV (M)1,076.331,132.381,190.73
PV of Terminal Value (M)35,615.3637,469.9339,400.97
Equity Value (M)40,460.7742,472.1444,564.42
Shares Outstanding (M)7,024.467,024.467,024.46
Fair Value$5.76$6.05$6.34
Upside / Downside392.31%416.78%442.24%

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