Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Hang Lung Properties Limited (0101.HK)

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

Valuation Snapshot

Stable Growth$3.48 - $4.56$4.05
Multi-Stage$8.60 - $9.52$9.05
Blended Fair Value$6.55
Current Price$7.49
Upside-12.58%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-19.17%-10.07%0.250.760.760.750.740.730.730.730.730.73
YoY Growth---66.83%0.00%1.33%1.32%1.30%0.00%0.03%0.00%-1.11%1.40%
Dividend Yield--4.02%6.97%4.95%4.65%3.60%4.25%4.87%3.82%4.42%4.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,641.00
(-) Cash Dividends Paid (M)2,540.00
(=) Cash Retained (M)2,101.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)928.20580.13348.08
Cash Retained (M)2,101.002,101.002,101.00
(-) Cash Required (M)-928.20-580.13-348.08
(=) Excess Retained (M)1,172.801,520.881,752.93
(/) Shares Outstanding (M)4,643.674,643.674,643.67
(=) Excess Retained per Share0.250.330.38
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.250.330.38
(=) Adjusted Dividend0.800.870.92
WACC / Discount Rate8.16%8.16%8.16%
Growth Rate-12.07%-11.07%-10.07%
Fair Value$3.48$4.05$4.56
Upside / Downside-53.59%-45.99%-39.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,641.004,127.293,670.443,264.162,902.862,581.542,658.99
Payout Ratio54.73%61.78%68.84%75.89%82.95%90.00%92.50%
Projected Dividends (M)2,540.002,549.992,526.652,477.232,407.802,323.392,459.56

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.16%8.16%8.16%
Growth Rate-12.07%-11.07%-10.07%
Year 1 PV (M)2,331.162,357.672,384.18
Year 2 PV (M)2,111.602,159.912,208.75
Year 3 PV (M)1,892.641,957.952,024.74
Year 4 PV (M)1,681.721,759.541,840.03
Year 5 PV (M)1,483.511,569.801,660.07
PV of Terminal Value (M)30,452.0532,223.4734,076.39
Equity Value (M)39,952.6842,028.3444,194.17
Shares Outstanding (M)4,643.674,643.674,643.67
Fair Value$8.60$9.05$9.52
Upside / Downside14.87%20.84%27.06%

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