Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CTF Services Limited (0659.HK)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$24.23 - $58.98$36.06
Multi-Stage$98.61 - $108.89$103.65
Blended Fair Value$69.86
Current Price$7.46
Upside836.40%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.000.620.590.580.570.570.731.390.490.45
YoY Growth---100.00%4.26%1.64%3.45%0.00%-22.51%-47.44%186.03%7.16%30.24%
Dividend Yield--0.00%8.94%6.69%7.85%6.84%8.45%4.46%10.22%3.16%3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,813.10
(-) Cash Dividends Paid (M)3,666.60
(=) Cash Retained (M)1,146.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)962.62601.64360.98
Cash Retained (M)1,146.501,146.501,146.50
(-) Cash Required (M)-962.62-601.64-360.98
(=) Excess Retained (M)183.88544.86785.52
(/) Shares Outstanding (M)4,012.894,012.894,012.89
(=) Excess Retained per Share0.050.140.20
LTM Dividend per Share0.910.910.91
(+) Excess Retained per Share0.050.140.20
(=) Adjusted Dividend0.961.051.11
WACC / Discount Rate1.88%1.88%1.88%
Growth Rate-2.00%-1.00%0.00%
Fair Value$24.23$36.06$58.98
Upside / Downside224.78%383.41%690.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,813.104,764.974,717.324,670.154,623.444,577.214,714.53
Payout Ratio76.18%78.94%81.71%84.47%87.24%90.00%92.50%
Projected Dividends (M)3,666.603,761.643,854.423,944.964,033.304,119.494,360.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate1.88%1.88%1.88%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)3,654.893,692.193,729.48
Year 2 PV (M)3,638.763,713.403,788.79
Year 3 PV (M)3,618.553,730.453,844.64
Year 4 PV (M)3,594.603,743.583,897.14
Year 5 PV (M)3,567.223,752.973,946.39
PV of Terminal Value (M)377,629.91397,293.97417,768.80
Equity Value (M)395,703.93415,926.56436,975.25
Shares Outstanding (M)4,012.894,012.894,012.89
Fair Value$98.61$103.65$108.89
Upside / Downside1,221.83%1,289.38%1,359.69%

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