Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sunresin New Materials Co.,Ltd (300487.SZ)

Company Dividend Discount ModelIndustry: ChemicalsSector: Basic Materials

Valuation Snapshot

Stable Growth$280.16 - $330.08$309.33
Multi-Stage$605.87 - $665.25$635.01
Blended Fair Value$472.17
Current Price$57.70
Upside718.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS63.00%43.88%0.690.420.190.100.100.060.030.020.040.02
YoY Growth--62.37%127.74%86.83%-3.52%72.63%76.47%51.79%-43.33%86.49%16.76%
Dividend Yield--1.50%0.92%0.29%0.28%0.58%0.46%0.21%0.14%0.36%0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)842.54
(-) Cash Dividends Paid (M)61.27
(=) Cash Retained (M)781.27
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)168.51105.3263.19
Cash Retained (M)781.27781.27781.27
(-) Cash Required (M)-168.51-105.32-63.19
(=) Excess Retained (M)612.76675.95718.08
(/) Shares Outstanding (M)507.64507.64507.64
(=) Excess Retained per Share1.211.331.41
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share1.211.331.41
(=) Adjusted Dividend1.331.451.54
WACC / Discount Rate-19.01%-19.01%-19.01%
Growth Rate5.50%6.50%7.50%
Fair Value$280.16$309.33$330.08
Upside / Downside385.55%436.10%472.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)842.54897.31955.631,017.751,083.901,154.361,188.99
Payout Ratio7.27%23.82%40.36%56.91%73.45%90.00%92.50%
Projected Dividends (M)61.27213.72385.73579.19796.181,038.921,099.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-19.01%-19.01%-19.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)261.40263.88266.36
Year 2 PV (M)577.04588.03599.12
Year 3 PV (M)1,059.761,090.181,121.18
Year 4 PV (M)1,781.781,850.301,920.78
Year 5 PV (M)2,843.742,981.093,123.70
PV of Terminal Value (M)301,041.16315,581.56330,678.46
Equity Value (M)307,564.88322,355.04337,709.60
Shares Outstanding (M)507.64507.64507.64
Fair Value$605.87$635.01$665.25
Upside / Downside950.04%1,000.53%1,052.95%

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