Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Visual China Group Co.,Ltd. (000681.SZ)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$1.05 - $1.49$1.26
Multi-Stage$1.53 - $1.69$1.61
Blended Fair Value$1.44
Current Price$20.46
Upside-92.98%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-13.49%0.00%0.040.020.040.040.060.080.090.040.010.00
YoY Growth--71.46%-31.45%-14.10%-34.09%-27.19%-2.44%119.74%342.75%897.53%0.00%
Dividend Yield--0.19%0.17%0.21%0.25%0.42%0.55%0.32%0.14%0.05%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)111.77
(-) Cash Dividends Paid (M)5.57
(=) Cash Retained (M)106.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)22.3513.978.38
Cash Retained (M)106.20106.20106.20
(-) Cash Required (M)-22.35-13.97-8.38
(=) Excess Retained (M)83.8592.2397.82
(/) Shares Outstanding (M)700.98700.98700.98
(=) Excess Retained per Share0.120.130.14
LTM Dividend per Share0.010.010.01
(+) Excess Retained per Share0.120.130.14
(=) Adjusted Dividend0.130.140.15
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.05$1.26$1.49
Upside / Downside-94.88%-93.82%-92.74%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)111.77110.65109.54108.45107.36106.29109.48
Payout Ratio4.98%21.98%38.99%55.99%73.00%90.00%92.50%
Projected Dividends (M)5.5724.3242.7160.7278.3795.66101.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.93%9.93%9.93%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)21.9022.1322.35
Year 2 PV (M)34.6335.3436.06
Year 3 PV (M)44.3445.7147.11
Year 4 PV (M)51.5453.6755.87
Year 5 PV (M)56.6559.6062.67
PV of Terminal Value (M)865.74910.82957.76
Equity Value (M)1,074.801,127.271,181.83
Shares Outstanding (M)700.98700.98700.98
Fair Value$1.53$1.61$1.69
Upside / Downside-92.51%-92.14%-91.76%

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