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$11.44 - $32.05$17.78
Multi-Stage$7.78 - $8.50$8.14
Blended Fair Value$12.96
Current Price$74.40
Upside-82.58%
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 Rate8.95%8.95%8.95%
Growth Rate5.50%6.50%7.50%
Fair Value$11.44$17.78$32.05
Upside / Downside-84.62%-76.10%-56.92%

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 Rate8.95%8.95%8.95%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)52.3852.8853.38
Year 2 PV (M)64.0365.2566.48
Year 3 PV (M)74.8877.0379.22
Year 4 PV (M)84.9888.2591.61
Year 5 PV (M)94.3798.93103.66
PV of Terminal Value (M)1,678.621,759.701,843.88
Equity Value (M)2,049.272,142.042,238.24
Shares Outstanding (M)263.29263.29263.29
Fair Value$7.78$8.14$8.50
Upside / Downside-89.54%-89.06%-88.57%

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