Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

China Resources Mixc Lifestyle Services Limited (1209.HK)

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

Valuation Snapshot

Stable Growth$20.81 - $29.53$25.11
Multi-Stage$33.94 - $37.12$35.50
Blended Fair Value$30.30
Current Price$34.62
Upside-12.47%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%1.340.920.420.130.290.000.030.020.000.00
YoY Growth--46.05%117.07%220.84%-55.05%0.00%-100.00%95.68%0.00%0.00%0.00%
Dividend Yield--4.93%3.75%1.20%0.44%0.97%0.00%0.12%0.07%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,185.97
(-) Cash Dividends Paid (M)5,142.11
(=) Cash Retained (M)2,043.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,437.19898.25538.95
Cash Retained (M)2,043.862,043.862,043.86
(-) Cash Required (M)-1,437.19-898.25-538.95
(=) Excess Retained (M)606.671,145.621,504.91
(/) Shares Outstanding (M)2,282.502,282.502,282.50
(=) Excess Retained per Share0.270.500.66
LTM Dividend per Share2.252.252.25
(+) Excess Retained per Share0.270.500.66
(=) Adjusted Dividend2.522.752.91
WACC / Discount Rate9.86%9.86%9.86%
Growth Rate-2.00%-1.00%0.00%
Fair Value$20.81$25.11$29.53
Upside / Downside-39.90%-27.48%-14.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,185.977,114.117,042.976,972.546,902.816,833.787,038.80
Payout Ratio71.56%75.25%78.93%82.62%86.31%90.00%92.50%
Projected Dividends (M)5,142.115,353.095,559.345,760.925,957.926,150.416,510.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.86%9.86%9.86%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,823.314,872.534,921.75
Year 2 PV (M)4,513.414,605.994,699.51
Year 3 PV (M)4,214.194,344.524,477.51
Year 4 PV (M)3,926.984,089.734,257.49
Year 5 PV (M)3,652.653,842.854,040.89
PV of Terminal Value (M)56,344.6859,278.6862,333.65
Equity Value (M)77,475.2281,034.3084,730.80
Shares Outstanding (M)2,282.502,282.502,282.50
Fair Value$33.94$35.50$37.12
Upside / Downside-1.96%2.55%7.23%

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