Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

EuroEyes International Eye Clinic Limited (1846.HK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$4.18 - $6.09$5.10
Multi-Stage$7.13 - $7.84$7.48
Blended Fair Value$6.29
Current Price$2.73
Upside130.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%0.080.120.100.030.190.000.000.000.000.00
YoY Growth---29.80%19.87%236.42%-84.15%0.00%0.00%-100.00%21.06%0.00%0.00%
Dividend Yield--2.15%2.33%1.84%0.37%2.16%0.00%0.00%0.03%0.02%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)184.45
(-) Cash Dividends Paid (M)55.15
(=) Cash Retained (M)129.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.8923.0613.83
Cash Retained (M)129.30129.30129.30
(-) Cash Required (M)-36.89-23.06-13.83
(=) Excess Retained (M)92.41106.24115.46
(/) Shares Outstanding (M)328.24328.24328.24
(=) Excess Retained per Share0.280.320.35
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.280.320.35
(=) Adjusted Dividend0.450.490.52
WACC / Discount Rate8.54%8.54%8.54%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.18$5.10$6.09
Upside / Downside53.16%86.98%123.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)184.45182.61180.78178.98177.19175.41180.68
Payout Ratio29.90%41.92%53.94%65.96%77.98%90.00%92.50%
Projected Dividends (M)55.1576.5597.52118.05138.17157.87167.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.54%8.54%8.54%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)69.8270.5371.24
Year 2 PV (M)81.1282.7884.46
Year 3 PV (M)89.5692.3395.16
Year 4 PV (M)95.6099.57103.65
Year 5 PV (M)99.63104.82110.22
PV of Terminal Value (M)1,904.902,004.092,107.38
Equity Value (M)2,340.632,454.122,572.11
Shares Outstanding (M)328.24328.24328.24
Fair Value$7.13$7.48$7.84
Upside / Downside161.21%173.87%187.04%

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