Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Kingboard Laminates Holdings Limited (1888.HK)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$7.23 - $10.82$8.94
Multi-Stage$16.88 - $18.58$17.71
Blended Fair Value$13.32
Current Price$9.56
Upside39.38%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-18.48%-0.78%0.160.351.502.500.690.440.690.800.720.16
YoY Growth---54.29%-76.67%-40.00%261.66%55.56%-35.81%-13.56%11.35%356.10%-8.89%
Dividend Yield--2.22%5.64%17.48%18.85%5.46%4.60%10.71%6.32%9.44%4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,744.57
(-) Cash Dividends Paid (M)1,591.20
(=) Cash Retained (M)1,153.37
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)548.91343.07205.84
Cash Retained (M)1,153.371,153.371,153.37
(-) Cash Required (M)-548.91-343.07-205.84
(=) Excess Retained (M)604.46810.30947.53
(/) Shares Outstanding (M)3,120.283,120.283,120.28
(=) Excess Retained per Share0.190.260.30
LTM Dividend per Share0.510.510.51
(+) Excess Retained per Share0.190.260.30
(=) Adjusted Dividend0.700.770.81
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate-2.78%-1.78%-0.78%
Fair Value$7.23$8.94$10.82
Upside / Downside-24.35%-6.52%13.21%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,744.572,695.652,647.602,600.402,554.052,508.522,583.78
Payout Ratio57.98%64.38%70.79%77.19%83.60%90.00%92.50%
Projected Dividends (M)1,591.201,735.491,874.122,007.262,135.062,257.672,389.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.68%6.68%6.68%
Growth Rate-2.78%-1.78%-0.78%
Year 1 PV (M)1,610.311,626.871,643.43
Year 2 PV (M)1,613.521,646.881,680.59
Year 3 PV (M)1,603.491,653.491,704.51
Year 4 PV (M)1,582.561,648.691,716.87
Year 5 PV (M)1,552.741,634.261,719.17
PV of Terminal Value (M)44,712.1847,059.5749,504.54
Equity Value (M)52,674.8055,269.7657,969.10
Shares Outstanding (M)3,120.283,120.283,120.28
Fair Value$16.88$17.71$18.58
Upside / Downside76.58%85.28%94.33%

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