Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangxi Yuean Advanced Materials Co.,Ltd. (688786.SS)

Company Dividend Discount ModelIndustry: Chemicals - SpecialtySector: Basic Materials

Valuation Snapshot

Stable Growth$6.55 - $10.68$8.40
Multi-Stage$13.20 - $14.51$13.84
Blended Fair Value$11.12
Current Price$28.98
Upside-61.63%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS1.24%0.00%0.430.430.410.010.000.400.170.260.000.00
YoY Growth--0.17%4.31%5,635.76%109.31%-99.15%136.16%-35.44%0.00%0.00%0.00%
Dividend Yield--2.02%1.89%1.46%0.03%0.01%0.91%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)75.39
(-) Cash Dividends Paid (M)32.68
(=) Cash Retained (M)42.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)15.089.425.65
Cash Retained (M)42.7042.7042.70
(-) Cash Required (M)-15.08-9.42-5.65
(=) Excess Retained (M)27.6333.2837.05
(/) Shares Outstanding (M)126.03126.03126.03
(=) Excess Retained per Share0.220.260.29
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.220.260.29
(=) Adjusted Dividend0.480.520.55
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-0.76%0.24%1.24%
Fair Value$6.55$8.40$10.68
Upside / Downside-77.39%-71.02%-63.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)75.3975.5775.7575.9376.1176.2978.58
Payout Ratio43.35%52.68%62.01%71.34%80.67%90.00%92.50%
Projected Dividends (M)32.6839.8146.9754.1761.4068.6672.69

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-0.76%0.24%1.24%
Year 1 PV (M)37.0137.3937.76
Year 2 PV (M)40.6041.4342.26
Year 3 PV (M)43.5344.8646.22
Year 4 PV (M)45.8847.7549.69
Year 5 PV (M)47.7050.1552.70
PV of Terminal Value (M)1,448.531,523.001,600.50
Equity Value (M)1,663.251,744.581,829.12
Shares Outstanding (M)126.03126.03126.03
Fair Value$13.20$13.84$14.51
Upside / Downside-54.46%-52.23%-49.92%

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