Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ)

Company Dividend Discount ModelIndustry: BiotechnologySector: Healthcare

Valuation Snapshot

Stable Growth$10.47 - $26.26$15.73
Multi-Stage$7.36 - $8.03$7.69
Blended Fair Value$11.71
Current Price$74.40
Upside-84.26%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-5.80%-3.86%0.010.200.270.010.010.010.120.120.110.10
YoY Growth---95.88%-25.20%3,566.78%-48.15%26.52%-90.46%-3.77%16.51%5.39%706.67%
Dividend Yield--0.03%0.41%0.95%0.05%0.18%0.15%1.04%0.92%0.55%0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)123.17
(-) Cash Dividends Paid (M)39.91
(=) Cash Retained (M)83.26
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.6315.409.24
Cash Retained (M)83.2683.2683.26
(-) Cash Required (M)-24.63-15.40-9.24
(=) Excess Retained (M)58.6367.8674.02
(/) Shares Outstanding (M)263.29263.29263.29
(=) Excess Retained per Share0.220.260.28
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.220.260.28
(=) Adjusted Dividend0.370.410.43
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate5.50%6.50%7.50%
Fair Value$10.47$15.73$26.26
Upside / Downside-85.93%-78.86%-64.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)123.17131.18139.70148.78158.45168.75173.82
Payout Ratio32.40%43.92%55.44%66.96%78.48%90.00%92.50%
Projected Dividends (M)39.9157.6177.4599.63124.35151.88160.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.27%9.27%9.27%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)52.2352.7353.22
Year 2 PV (M)63.6564.8766.09
Year 3 PV (M)74.2376.3678.53
Year 4 PV (M)83.9987.2290.55
Year 5 PV (M)93.0097.49102.15
PV of Terminal Value (M)1,569.821,645.641,724.37
Equity Value (M)1,936.922,024.302,114.91
Shares Outstanding (M)263.29263.29263.29
Fair Value$7.36$7.69$8.03
Upside / Downside-90.11%-89.67%-89.20%

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