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Roiserv Lifestyle Services Co., Ltd. (2146.HK)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$5.75 - $8.90$7.21
Multi-Stage$12.92 - $14.23$13.56
Blended Fair Value$10.39
Current Price$1.26
Upside724.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS109.71%0.00%0.070.070.250.150.420.000.000.000.000.00
YoY Growth--2.06%-71.87%67.29%-64.54%23,714.49%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.29%4.39%11.26%3.44%4.07%0.02%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)231.82
(-) Cash Dividends Paid (M)55.79
(=) Cash Retained (M)176.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)46.3628.9817.39
Cash Retained (M)176.04176.04176.04
(-) Cash Required (M)-46.36-28.98-17.39
(=) Excess Retained (M)129.67147.06158.65
(/) Shares Outstanding (M)375.92375.92375.92
(=) Excess Retained per Share0.340.390.42
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.340.390.42
(=) Adjusted Dividend0.490.540.57
WACC / Discount Rate6.41%6.41%6.41%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.75$7.21$8.90
Upside / Downside356.40%472.36%606.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)231.82229.51227.21224.94222.69220.46227.08
Payout Ratio24.06%37.25%50.44%63.63%76.81%90.00%92.50%
Projected Dividends (M)55.7985.50114.60143.12171.05198.42210.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.41%6.41%6.41%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)79.5480.3581.16
Year 2 PV (M)99.18101.22103.27
Year 3 PV (M)115.23118.79122.43
Year 4 PV (M)128.12133.43138.90
Year 5 PV (M)138.25145.45152.95
PV of Terminal Value (M)4,295.234,518.894,751.77
Equity Value (M)4,855.545,098.125,350.48
Shares Outstanding (M)375.92375.92375.92
Fair Value$12.92$13.56$14.23
Upside / Downside925.12%976.33%1,029.61%

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