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Yuexiu Property Company Limited (0123.HK)

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

Valuation Snapshot

Stable Growth$72.60 - $168.38$157.79
Multi-Stage$27.90 - $30.50$29.18
Blended Fair Value$93.49
Current Price$3.92
Upside2,284.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.74%7.21%0.310.460.440.410.360.360.250.190.140.14
YoY Growth---32.93%4.93%7.98%11.90%2.34%42.40%31.22%37.32%-0.68%-9.55%
Dividend Yield--6.48%8.02%5.54%7.65%5.83%4.65%4.15%3.30%3.07%2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,417.37
(-) Cash Dividends Paid (M)3,105.86
(=) Cash Retained (M)311.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)683.47427.17256.30
Cash Retained (M)311.51311.51311.51
(-) Cash Required (M)-683.47-427.17-256.30
(=) Excess Retained (M)-371.97-115.6655.21
(/) Shares Outstanding (M)4,025.394,025.394,025.39
(=) Excess Retained per Share-0.09-0.030.01
LTM Dividend per Share0.770.770.77
(+) Excess Retained per Share-0.09-0.030.01
(=) Adjusted Dividend0.680.740.79
WACC / Discount Rate6.19%6.19%6.19%
Growth Rate5.21%6.21%7.21%
Fair Value$72.60$157.79$168.38
Upside / Downside1,752.04%3,925.33%4,195.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,417.373,629.593,854.994,094.394,348.664,618.714,757.27
Payout Ratio90.88%90.71%90.53%90.35%90.18%90.00%92.50%
Projected Dividends (M)3,105.863,292.323,489.963,699.443,921.494,156.844,400.48

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.19%6.19%6.19%
Growth Rate5.21%6.21%7.21%
Year 1 PV (M)3,071.093,100.283,129.47
Year 2 PV (M)3,036.693,094.693,153.24
Year 3 PV (M)3,002.673,089.103,177.18
Year 4 PV (M)2,969.013,083.513,201.29
Year 5 PV (M)2,935.733,077.923,225.57
PV of Terminal Value (M)97,291.76102,004.19106,897.47
Equity Value (M)112,306.95117,449.69122,784.22
Shares Outstanding (M)4,025.394,025.394,025.39
Fair Value$27.90$29.18$30.50
Upside / Downside611.73%644.32%678.12%

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