Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hefei Department Store Group Co.,Ltd (000417.SZ)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$29.90 - $35.30$33.04
Multi-Stage$121.51 - $134.87$128.05
Blended Fair Value$80.55
Current Price$5.92
Upside1,260.61%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-8.60%-3.43%0.130.130.120.120.140.210.200.200.140.20
YoY Growth--5.57%4.77%4.17%-16.49%-33.69%1.85%4.26%36.25%-27.84%5.91%
Dividend Yield--2.38%2.72%2.33%2.54%3.04%4.16%3.72%2.66%1.63%2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)154.08
(-) Cash Dividends Paid (M)14.80
(=) Cash Retained (M)139.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)30.8219.2611.56
Cash Retained (M)139.28139.28139.28
(-) Cash Required (M)-30.82-19.26-11.56
(=) Excess Retained (M)108.47120.02127.73
(/) Shares Outstanding (M)779.85779.85779.85
(=) Excess Retained per Share0.140.150.16
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.140.150.16
(=) Adjusted Dividend0.160.170.18
WACC / Discount Rate-34.62%-34.62%-34.62%
Growth Rate-5.43%-4.43%-3.43%
Fair Value$29.90$33.04$35.30
Upside / Downside405.00%458.18%496.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)154.08147.26140.73134.50128.54122.85126.53
Payout Ratio9.60%25.68%41.76%57.84%73.92%90.00%92.50%
Projected Dividends (M)14.8037.8258.7777.8095.02110.56117.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-34.62%-34.62%-34.62%
Growth Rate-5.43%-4.43%-3.43%
Year 1 PV (M)57.2457.8458.45
Year 2 PV (M)134.62137.48140.37
Year 3 PV (M)269.67278.32287.14
Year 4 PV (M)498.47519.89541.99
Year 5 PV (M)877.80925.20974.63
PV of Terminal Value (M)92,924.8797,942.88103,175.36
Equity Value (M)94,762.6799,861.61105,177.95
Shares Outstanding (M)779.85779.85779.85
Fair Value$121.51$128.05$134.87
Upside / Downside1,952.59%2,063.04%2,178.19%

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