Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The Cross-Harbour (Holdings) Limited (0032.HK)

Company Dividend Discount ModelIndustry: Education & Training ServicesSector: Consumer Defensive

Valuation Snapshot

Stable Growth$55.23 - $121.41$79.40
Multi-Stage$40.43 - $44.13$42.25
Blended Fair Value$60.82
Current Price$8.10
Upside650.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS3.53%4.76%0.480.360.420.420.420.400.390.350.350.33
YoY Growth--32.78%-14.50%0.04%0.38%4.34%3.91%11.56%-0.14%4.12%11.04%
Dividend Yield--7.12%4.67%3.87%3.82%2.99%3.31%3.32%2.73%3.10%3.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,050.88
(-) Cash Dividends Paid (M)312.95
(=) Cash Retained (M)737.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)210.18131.3678.82
Cash Retained (M)737.93737.93737.93
(-) Cash Required (M)-210.18-131.36-78.82
(=) Excess Retained (M)527.76606.57659.12
(/) Shares Outstanding (M)372.69372.69372.69
(=) Excess Retained per Share1.421.631.77
LTM Dividend per Share0.840.840.84
(+) Excess Retained per Share1.421.631.77
(=) Adjusted Dividend2.262.472.61
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate5.50%6.50%7.50%
Fair Value$55.23$79.40$121.41
Upside / Downside581.80%880.26%1,398.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,050.881,119.191,191.941,269.411,351.931,439.801,483.00
Payout Ratio29.78%41.82%53.87%65.91%77.96%90.00%92.50%
Projected Dividends (M)312.95468.09642.07836.701,053.911,295.821,371.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.81%9.81%9.81%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)422.27426.27430.28
Year 2 PV (M)522.53532.48542.53
Year 3 PV (M)614.27631.90649.87
Year 4 PV (M)698.00724.85752.46
Year 5 PV (M)774.22811.61850.44
PV of Terminal Value (M)12,036.3412,617.7013,221.31
Equity Value (M)15,067.6315,744.8216,446.88
Shares Outstanding (M)372.69372.69372.69
Fair Value$40.43$42.25$44.13
Upside / Downside399.13%421.56%444.82%

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