Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kingboard Holdings Limited (0148.HK)

Company Dividend Discount ModelIndustry: ConglomeratesSector: Industrials

Valuation Snapshot

Stable Growth$36.73 - $54.89$45.36
Multi-Stage$60.95 - $66.87$63.86
Blended Fair Value$54.61
Current Price$25.10
Upside117.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.37%10.18%0.981.053.002.281.100.962.041.510.560.46
YoY Growth---7.09%-65.01%31.78%107.85%14.42%-52.99%34.54%172.73%20.00%25.00%
Dividend Yield--5.22%5.80%12.08%6.00%3.35%3.88%9.75%3.56%2.36%3.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,885.34
(-) Cash Dividends Paid (M)2,245.23
(=) Cash Retained (M)2,640.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)977.07610.67366.40
Cash Retained (M)2,640.112,640.112,640.11
(-) Cash Required (M)-977.07-610.67-366.40
(=) Excess Retained (M)1,663.042,029.442,273.71
(/) Shares Outstanding (M)1,108.311,108.311,108.31
(=) Excess Retained per Share1.501.832.05
LTM Dividend per Share2.032.032.03
(+) Excess Retained per Share1.501.832.05
(=) Adjusted Dividend3.533.864.08
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate-1.08%-0.08%0.92%
Fair Value$36.73$45.36$54.89
Upside / Downside46.34%80.70%118.68%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,885.344,881.524,877.704,873.894,870.084,866.275,012.26
Payout Ratio45.96%54.77%63.58%72.38%81.19%90.00%92.50%
Projected Dividends (M)2,245.232,673.453,101.003,527.893,954.104,379.644,636.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.42%8.42%8.42%
Growth Rate-1.08%-0.08%0.92%
Year 1 PV (M)2,441.182,465.862,490.53
Year 2 PV (M)2,585.572,638.112,691.18
Year 3 PV (M)2,685.942,768.222,852.17
Year 4 PV (M)2,748.892,861.742,978.03
Year 5 PV (M)2,780.202,923.593,072.84
PV of Terminal Value (M)54,314.1257,115.4960,031.28
Equity Value (M)67,555.9070,773.0274,116.04
Shares Outstanding (M)1,108.311,108.311,108.31
Fair Value$60.95$63.86$66.87
Upside / Downside142.84%154.41%166.43%

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