Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanghai Pioneer Holding Ltd (1345.HK)

Company Dividend Discount ModelIndustry: Medical - PharmaceuticalsSector: Healthcare

Valuation Snapshot

Stable Growth$1.95 - $2.94$2.42
Multi-Stage$4.00 - $4.39$4.19
Blended Fair Value$3.31
Current Price$1.94
Upside70.41%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%-11.21%0.070.070.070.110.190.000.000.180.120.16
YoY Growth--0.56%-8.45%-34.83%-40.32%0.00%0.00%-100.00%51.08%-24.11%-26.65%
Dividend Yield--3.02%4.00%3.68%8.18%23.09%0.00%0.00%9.18%4.86%6.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)268.07
(-) Cash Dividends Paid (M)163.69
(=) Cash Retained (M)104.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)53.6133.5120.11
Cash Retained (M)104.38104.38104.38
(-) Cash Required (M)-53.61-33.51-20.11
(=) Excess Retained (M)50.7770.8784.27
(/) Shares Outstanding (M)1,167.201,167.201,167.20
(=) Excess Retained per Share0.040.060.07
LTM Dividend per Share0.140.140.14
(+) Excess Retained per Share0.040.060.07
(=) Adjusted Dividend0.180.200.21
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.95$2.42$2.94
Upside / Downside0.72%24.84%51.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)268.07265.39262.74260.11257.51254.93262.58
Payout Ratio61.06%66.85%72.64%78.43%84.21%90.00%92.50%
Projected Dividends (M)163.69177.41190.85203.99216.85229.44242.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.22%7.22%7.22%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)163.80165.47167.15
Year 2 PV (M)162.69166.02169.39
Year 3 PV (M)160.55165.52170.58
Year 4 PV (M)157.58164.11170.85
Year 5 PV (M)153.94161.95170.30
PV of Terminal Value (M)3,866.194,067.514,277.13
Equity Value (M)4,664.754,890.595,125.40
Shares Outstanding (M)1,167.201,167.201,167.20
Fair Value$4.00$4.19$4.39
Upside / Downside106.01%115.98%126.35%

High-Yield Dividend Screener

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