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$12.46 - $47.98$21.07
Multi-Stage$8.29 - $9.03$8.65
Blended Fair Value$14.86
Current Price$1.66
Upside795.26%
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 Rate8.38%8.38%8.38%
Growth Rate5.50%6.50%7.50%
Fair Value$12.46$21.07$47.98
Upside / Downside650.64%1,169.24%2,790.48%

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 Rate8.38%8.38%8.38%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)346.86350.15353.44
Year 2 PV (M)343.93350.48357.09
Year 3 PV (M)340.91350.70360.67
Year 4 PV (M)337.81350.80364.16
Year 5 PV (M)334.63350.79367.58
PV of Terminal Value (M)6,582.416,900.347,230.44
Equity Value (M)8,286.558,653.279,033.38
Shares Outstanding (M)1,000.001,000.001,000.00
Fair Value$8.29$8.65$9.03
Upside / Downside399.19%421.28%444.18%

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