Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Chaoju Eye Care Holdings Limited (2219.HK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$3.86 - $5.53$4.68
Multi-Stage$6.63 - $7.25$6.93
Blended Fair Value$5.81
Current Price$2.60
Upside123.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.320.160.090.160.050.000.000.000.000.00
YoY Growth--101.75%74.95%-44.48%232.35%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--11.94%4.06%2.42%3.14%0.41%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)387.02
(-) Cash Dividends Paid (M)325.70
(=) Cash Retained (M)61.32
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)77.4048.3829.03
Cash Retained (M)61.3261.3261.32
(-) Cash Required (M)-77.40-48.38-29.03
(=) Excess Retained (M)-16.0912.9432.29
(/) Shares Outstanding (M)691.75691.75691.75
(=) Excess Retained per Share-0.020.020.05
LTM Dividend per Share0.470.470.47
(+) Excess Retained per Share-0.020.020.05
(=) Adjusted Dividend0.450.490.52
WACC / Discount Rate9.36%9.36%9.36%
Growth Rate-2.00%-1.00%0.00%
Fair Value$3.86$4.68$5.53
Upside / Downside48.55%79.99%112.73%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)387.02383.15379.32375.53371.77368.05379.09
Payout Ratio84.16%85.33%86.49%87.66%88.83%90.00%92.50%
Projected Dividends (M)325.70326.92328.09329.19330.25331.25350.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.36%9.36%9.36%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)295.93298.95301.97
Year 2 PV (M)268.83274.35279.92
Year 3 PV (M)244.17251.72259.43
Year 4 PV (M)221.73230.92240.39
Year 5 PV (M)201.32211.80222.72
PV of Terminal Value (M)3,352.703,527.283,709.06
Equity Value (M)4,584.684,795.025,013.48
Shares Outstanding (M)691.75691.75691.75
Fair Value$6.63$6.93$7.25
Upside / Downside154.91%166.60%178.75%

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