Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

JL Mag Rare-Earth Co., Ltd. (300748.SZ)

Company Dividend Discount ModelIndustry: Manufacturing - Metal FabricationSector: Industrials

Valuation Snapshot

Stable Growth$76.23 - $89.81$84.16
Multi-Stage$22.84 - $25.04$23.92
Blended Fair Value$54.04
Current Price$34.29
Upside57.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS48.56%19.75%0.370.190.210.100.050.050.040.030.030.04
YoY Growth--91.13%-5.86%114.12%75.27%7.17%16.33%29.75%-2.17%-13.80%-34.19%
Dividend Yield--1.89%1.23%1.16%0.48%0.39%0.43%0.43%0.70%0.71%0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)609.62
(-) Cash Dividends Paid (M)199.74
(=) Cash Retained (M)409.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)121.9276.2045.72
Cash Retained (M)409.88409.88409.88
(-) Cash Required (M)-121.92-76.20-45.72
(=) Excess Retained (M)287.96333.68364.16
(/) Shares Outstanding (M)1,350.001,350.001,350.00
(=) Excess Retained per Share0.210.250.27
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.210.250.27
(=) Adjusted Dividend0.360.400.42
WACC / Discount Rate5.06%5.06%5.06%
Growth Rate5.50%6.50%7.50%
Fair Value$76.23$84.16$89.81
Upside / Downside122.30%145.44%161.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)609.62649.24691.44736.39784.25835.23860.29
Payout Ratio32.76%44.21%55.66%67.11%78.55%90.00%92.50%
Projected Dividends (M)199.74287.04384.85494.16616.05751.71795.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.06%5.06%5.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)270.65273.21275.78
Year 2 PV (M)342.14348.66355.24
Year 3 PV (M)414.23426.12438.24
Year 4 PV (M)486.91505.64524.90
Year 5 PV (M)560.19587.25615.34
PV of Terminal Value (M)28,761.7130,150.9231,593.29
Equity Value (M)30,835.8432,291.7933,802.78
Shares Outstanding (M)1,350.001,350.001,350.00
Fair Value$22.84$23.92$25.04
Upside / Downside-33.39%-30.24%-26.98%

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