Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

FFI Holdings Limited (FFI.AX)

Company Dividend Discount ModelIndustry: Food ConfectionersSector: Consumer Defensive

Valuation Snapshot

Stable Growth$13.00 - $25.53$17.94
Multi-Stage$11.03 - $12.05$11.53
Blended Fair Value$14.74
Current Price$4.18
Upside252.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-8.54%13.35%0.150.100.000.240.250.230.200.130.050.06
YoY Growth--46.92%0.00%-100.00%-3.91%8.79%15.54%57.24%136.99%-7.83%37.83%
Dividend Yield--3.50%2.42%0.00%5.52%3.44%4.71%4.54%2.96%1.33%1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8.40
(-) Cash Dividends Paid (M)2.66
(=) Cash Retained (M)5.74
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.681.050.63
Cash Retained (M)5.745.745.74
(-) Cash Required (M)-1.68-1.05-0.63
(=) Excess Retained (M)4.064.695.11
(/) Shares Outstanding (M)10.8310.8310.83
(=) Excess Retained per Share0.370.430.47
LTM Dividend per Share0.250.250.25
(+) Excess Retained per Share0.370.430.47
(=) Adjusted Dividend0.620.680.72
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate4.64%5.64%6.64%
Fair Value$13.00$17.94$25.53
Upside / Downside210.93%329.22%510.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8.408.889.389.9110.4611.0611.39
Payout Ratio31.68%43.35%55.01%66.67%78.34%90.00%92.50%
Projected Dividends (M)2.663.855.166.608.209.9510.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate4.64%5.64%6.64%
Year 1 PV (M)3.483.513.54
Year 2 PV (M)4.214.294.37
Year 3 PV (M)4.875.015.15
Year 4 PV (M)5.465.675.89
Year 5 PV (M)5.996.286.58
PV of Terminal Value (M)95.43100.08104.91
Equity Value (M)119.44124.84130.45
Shares Outstanding (M)10.8310.8310.83
Fair Value$11.03$11.53$12.05
Upside / Downside163.89%175.83%188.22%

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