Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Best Mart 360 Holdings Limited (2360.HK)

Company Dividend Discount ModelIndustry: Discount StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$7.82 - $16.33$11.04
Multi-Stage$6.25 - $6.80$6.52
Blended Fair Value$8.78
Current Price$1.66
Upside428.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320232022202120202019201820172016
DPS17.82%0.00%0.170.190.160.040.020.080.020.000.000.00
YoY Growth---10.22%18.56%300.00%100.00%-73.33%275.00%0.00%0.00%0.00%0.00%
Dividend Yield--10.26%10.60%7.69%3.05%1.05%4.05%0.59%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)425.44
(-) Cash Dividends Paid (M)349.69
(=) Cash Retained (M)75.75
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)85.0953.1831.91
Cash Retained (M)75.7575.7575.75
(-) Cash Required (M)-85.09-53.18-31.91
(=) Excess Retained (M)-9.3422.5743.84
(/) Shares Outstanding (M)1,000.001,000.001,000.00
(=) Excess Retained per Share-0.010.020.04
LTM Dividend per Share0.350.350.35
(+) Excess Retained per Share-0.010.020.04
(=) Adjusted Dividend0.340.370.39
WACC / Discount Rate10.09%10.09%10.09%
Growth Rate5.50%6.50%7.50%
Fair Value$7.82$11.04$16.33
Upside / Downside371.27%565.27%883.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)425.44453.10482.55513.91547.32582.89600.38
Payout Ratio82.20%83.76%85.32%86.88%88.44%90.00%92.50%
Projected Dividends (M)349.69379.50411.70446.48484.04524.60555.35

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.09%10.09%10.09%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)341.48344.72347.95
Year 2 PV (M)333.34339.69346.10
Year 3 PV (M)325.29334.62344.14
Year 4 PV (M)317.33329.53342.08
Year 5 PV (M)309.46324.41339.93
PV of Terminal Value (M)4,620.624,843.795,075.51
Equity Value (M)6,247.516,516.766,795.71
Shares Outstanding (M)1,000.001,000.001,000.00
Fair Value$6.25$6.52$6.80
Upside / Downside276.36%292.58%309.38%

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