Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Vianet Group plc (VNET.L)

Company Dividend Discount ModelIndustry: Specialty Business ServicesSector: Industrials

Valuation Snapshot

Stable Growth$0.38 - $0.52$0.45
Multi-Stage$0.63 - $0.70$0.66
Blended Fair Value$0.56
Current Price$0.70
Upside-20.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-28.06%-14.83%0.010.000.000.000.000.050.050.050.050.05
YoY Growth--108.78%0.00%0.00%0.00%-100.00%1.20%1.47%0.32%0.52%0.65%
Dividend Yield--1.79%0.47%0.00%0.00%0.00%7.40%4.41%3.99%5.64%5.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2.06
(-) Cash Dividends Paid (M)0.75
(=) Cash Retained (M)1.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.410.260.15
Cash Retained (M)1.311.311.31
(-) Cash Required (M)-0.41-0.26-0.15
(=) Excess Retained (M)0.901.051.16
(/) Shares Outstanding (M)29.6929.6929.69
(=) Excess Retained per Share0.030.040.04
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.030.040.04
(=) Adjusted Dividend0.060.060.06
WACC / Discount Rate9.96%9.96%9.96%
Growth Rate-4.08%-3.08%-2.08%
Fair Value$0.38$0.45$0.52
Upside / Downside-45.86%-35.57%-25.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2.061.991.931.871.821.761.81
Payout Ratio36.30%47.04%57.78%68.52%79.26%90.00%92.50%
Projected Dividends (M)0.750.941.121.281.441.581.68

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.96%9.96%9.96%
Growth Rate-4.08%-3.08%-2.08%
Year 1 PV (M)0.840.850.86
Year 2 PV (M)0.900.920.94
Year 3 PV (M)0.940.971.00
Year 4 PV (M)0.940.981.03
Year 5 PV (M)0.940.991.04
PV of Terminal Value (M)14.2314.9915.78
Equity Value (M)18.8019.7120.65
Shares Outstanding (M)29.6929.6929.69
Fair Value$0.63$0.66$0.70
Upside / Downside-9.54%-5.18%-0.65%

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