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CTF Services Limited (0659.HK)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$11.19 - $17.33$14.04
Multi-Stage$26.23 - $28.84$27.51
Blended Fair Value$20.77
Current Price$7.46
Upside178.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.000.620.590.580.570.570.731.390.490.45
YoY Growth---100.00%4.26%1.64%3.45%0.00%-22.51%-47.44%186.03%7.16%30.24%
Dividend Yield--0.00%8.94%6.69%7.85%6.84%8.45%4.46%10.22%3.16%3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,813.10
(-) Cash Dividends Paid (M)3,666.60
(=) Cash Retained (M)1,146.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)962.62601.64360.98
Cash Retained (M)1,146.501,146.501,146.50
(-) Cash Required (M)-962.62-601.64-360.98
(=) Excess Retained (M)183.88544.86785.52
(/) Shares Outstanding (M)4,012.894,012.894,012.89
(=) Excess Retained per Share0.050.140.20
LTM Dividend per Share0.910.910.91
(+) Excess Retained per Share0.050.140.20
(=) Adjusted Dividend0.961.051.11
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate-2.00%-1.00%0.00%
Fair Value$11.19$14.04$17.33
Upside / Downside50.04%88.18%132.33%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,813.104,764.974,717.324,670.154,623.444,577.214,714.53
Payout Ratio76.18%78.94%81.71%84.47%87.24%90.00%92.50%
Projected Dividends (M)3,666.603,761.643,854.423,944.964,033.304,119.494,360.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,499.623,535.333,571.04
Year 2 PV (M)3,336.163,404.593,473.72
Year 3 PV (M)3,176.693,274.933,375.17
Year 4 PV (M)3,021.603,146.833,275.91
Year 5 PV (M)2,871.203,020.713,176.38
PV of Terminal Value (M)89,362.1294,015.4198,860.57
Equity Value (M)105,267.38110,397.80115,732.79
Shares Outstanding (M)4,012.894,012.894,012.89
Fair Value$26.23$27.51$28.84
Upside / Downside251.64%268.78%286.60%

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