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Dickson Concepts (International) Limited (0113.HK)

Company Dividend Discount ModelIndustry: Luxury GoodsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$5.43 - $7.32$6.40
Multi-Stage$17.64 - $19.53$18.57
Blended Fair Value$12.48
Current Price$5.22
Upside139.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.96%17.74%0.450.370.350.350.550.360.160.070.110.06
YoY Growth--21.60%5.71%0.00%-36.36%55.75%126.59%127.16%-35.37%80.44%-33.04%
Dividend Yield--9.41%7.56%8.80%8.82%13.39%9.34%3.78%2.43%3.86%2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)479.09
(-) Cash Dividends Paid (M)323.21
(=) Cash Retained (M)155.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)95.8259.8935.93
Cash Retained (M)155.88155.88155.88
(-) Cash Required (M)-95.82-59.89-35.93
(=) Excess Retained (M)60.0695.99119.94
(/) Shares Outstanding (M)391.14391.14391.14
(=) Excess Retained per Share0.150.250.31
LTM Dividend per Share0.830.830.83
(+) Excess Retained per Share0.150.250.31
(=) Adjusted Dividend0.981.071.13
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-9.79%-8.79%-7.79%
Fair Value$5.43$6.40$7.32
Upside / Downside4.07%22.62%40.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)479.09437.00398.61363.59331.64302.51311.58
Payout Ratio67.46%71.97%76.48%80.99%85.49%90.00%92.50%
Projected Dividends (M)323.21314.51304.85294.45283.53272.26288.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-9.79%-8.79%-7.79%
Year 1 PV (M)292.11295.35298.59
Year 2 PV (M)262.97268.83274.76
Year 3 PV (M)235.91243.85251.95
Year 4 PV (M)210.98220.50230.33
Year 5 PV (M)188.17198.83209.97
PV of Terminal Value (M)5,711.066,034.686,372.81
Equity Value (M)6,901.217,262.037,638.41
Shares Outstanding (M)391.14391.14391.14
Fair Value$17.64$18.57$19.53
Upside / Downside238.01%255.68%274.11%

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