Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Suzhou Nanomicro Technology Co., Ltd. (688690.SS)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$62.58 - $73.73$69.09
Multi-Stage$151.40 - $166.23$158.67
Blended Fair Value$113.88
Current Price$28.88
Upside294.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS139.37%0.00%0.060.120.080.000.000.000.000.010.000.00
YoY Growth---48.54%49.82%7,215.16%93.96%-28.16%-64.75%-81.44%0.00%0.00%0.00%
Dividend Yield--0.28%0.57%0.16%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)148.61
(-) Cash Dividends Paid (M)28.38
(=) Cash Retained (M)120.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.7218.5811.15
Cash Retained (M)120.23120.23120.23
(-) Cash Required (M)-29.72-18.58-11.15
(=) Excess Retained (M)90.50101.65109.08
(/) Shares Outstanding (M)400.85400.85400.85
(=) Excess Retained per Share0.230.250.27
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.230.250.27
(=) Adjusted Dividend0.300.320.34
WACC / Discount Rate-20.80%-20.80%-20.80%
Growth Rate5.50%6.50%7.50%
Fair Value$62.58$69.09$73.73
Upside / Downside116.68%139.24%155.29%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)148.61158.27168.55179.51191.18203.60209.71
Payout Ratio19.10%33.28%47.46%61.64%75.82%90.00%92.50%
Projected Dividends (M)28.3852.6779.99110.65144.95183.24193.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-20.80%-20.80%-20.80%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)65.8766.5067.12
Year 2 PV (M)125.13127.51129.92
Year 3 PV (M)216.47222.69229.02
Year 4 PV (M)354.68368.32382.35
Year 5 PV (M)560.78587.87615.99
PV of Terminal Value (M)59,365.2562,232.6265,209.72
Equity Value (M)60,688.1963,605.5066,634.12
Shares Outstanding (M)400.85400.85400.85
Fair Value$151.40$158.67$166.23
Upside / Downside424.23%449.43%475.59%

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