Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

PICC Property and Casualty Company Limited (2328.HK)

Company Dividend Discount ModelIndustry: Insurance - Property & CasualtySector: Financial Services

Valuation Snapshot

Stable Growth$156.34 - $545.05$510.79
Multi-Stage$70.52 - $77.13$73.77
Blended Fair Value$292.28
Current Price$13.87
Upside2,007.28%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.71%17.82%0.700.480.410.380.460.270.230.210.200.18
YoY Growth--45.81%17.44%8.52%-18.65%69.49%20.71%9.38%1.64%12.59%33.16%
Dividend Yield--6.06%5.68%6.22%7.23%9.33%3.24%3.21%2.47%2.81%2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)60,958.00
(-) Cash Dividends Paid (M)26,135.00
(=) Cash Retained (M)34,823.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12,191.607,619.754,571.85
Cash Retained (M)34,823.0034,823.0034,823.00
(-) Cash Required (M)-12,191.60-7,619.75-4,571.85
(=) Excess Retained (M)22,631.4027,203.2530,251.15
(/) Shares Outstanding (M)22,242.0022,242.0022,242.00
(=) Excess Retained per Share1.021.221.36
LTM Dividend per Share1.181.181.18
(+) Excess Retained per Share1.021.221.36
(=) Adjusted Dividend2.192.402.54
WACC / Discount Rate6.98%6.98%6.98%
Growth Rate5.50%6.50%7.50%
Fair Value$156.34$510.79$545.05
Upside / Downside1,027.19%3,582.71%3,829.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)60,958.0064,920.2769,140.0973,634.1978,420.4283,517.7486,023.28
Payout Ratio42.87%52.30%61.72%71.15%80.57%90.00%92.50%
Projected Dividends (M)26,135.0033,952.6742,676.2152,390.3763,187.0675,165.9779,571.53

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.98%6.98%6.98%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)31,439.5331,737.5432,035.54
Year 2 PV (M)36,592.3437,289.3237,992.88
Year 3 PV (M)41,596.6142,790.7044,007.43
Year 4 PV (M)46,455.4648,242.0150,079.60
Year 5 PV (M)51,171.9653,643.5956,209.81
PV of Terminal Value (M)1,361,246.051,426,994.741,495,259.79
Equity Value (M)1,568,501.961,640,697.901,715,585.04
Shares Outstanding (M)22,242.0022,242.0022,242.00
Fair Value$70.52$73.77$77.13
Upside / Downside408.43%431.84%456.11%

High-Yield Dividend Screener

« Prev Page 3 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
BLWBlackRock Limited Duration Income Trust11.50%$1.5893.39%
ELCEntergy Louisiana, LLC COLLATERAL TR MT11.33%$2.3457.35%
VIASPVia Renewables, Inc.11.33%$2.8849.21%
BUIBlackRock Utilities, Infrastructure & Power Opportunities Trust11.31%$2.9358.72%
JPCNuveen Preferred & Income Opportunities Fund11.24%$0.9167.43%
RILYB. Riley Financial, Inc.11.21%$0.5856.91%
PFOFlaherty & Crumrine Preferred Income Opportunity Fund Inc.11.06%$1.0543.18%
OXLCIOxford Lane Capital Corp.11.05%$2.8369.26%
USB-PSU.S. Bancorp Depositary Shares,10.98%$2.0243.68%
FLCFlaherty & Crumrine Total Return Fund Inc.10.93%$1.9242.77%
UTGReaves Utility Income Fund10.78%$4.0043.20%
CEMClearBridge MLP and Midstream Fund Inc10.77%$5.6046.76%
AIVApartment Investment and Management Company10.76%$0.6336.20%
DCFBNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.10.71%$0.9942.71%
CALMCal-Maine Foods, Inc.10.70%$8.4032.04%
EMOClearBridge Energy Midstream Opportunity Fund Inc10.65%$4.7926.74%
CTRClearBridge MLP and Midstream Total Return Fund Inc.10.63%$5.0047.43%
EIMEaton Vance Municipal Bond Fund10.57%$1.0364.33%
VZAVerizon Communications, 5.9% 15 Feb 205410.57%$2.7049.90%
BPOPMPopular Capital Trust II PFD GTD 6.125%10.45%$2.6726.93%
RITMRithm Capital Corp.10.45%$1.1571.36%
IHTAInvesco High Income 2024 Target Term Fund10.33%$0.7826.82%
WUThe Western Union Company10.30%$0.9540.76%
ERHAllspring Utilities and High Income Fund10.26%$1.2231.06%
GDVThe Gabelli Dividend & Income Trust10.25%$2.8539.93%
CIIBlackRock Enhanced Capital and Income Fund, Inc.10.23%$2.3844.19%
GBDCGolub Capital BDC, Inc.10.19%$1.3897.76%
PVCMXPalm Valley Capital Fund Investor Class10.19%$1.2483.81%
AEDVXEmerging Markets Debt Fund - Investor Class9.95%$0.9476.80%
HYTBlackRock Corporate High Yield Fund, Inc.9.83%$0.8799.09%
FFCFlaherty & Crumrine Preferred Securities Income Fund Inc.9.79%$1.6337.81%
WENThe Wendy's Company9.78%$0.8082.75%
CMSACMS Energy Corporation 5.6% JRSUB NT 789.77%$2.1762.27%
HIEMiller/Howard High Income Equity Fund9.63%$1.2198.11%
NMSNuveen Minnesota Quality Municipal Income Fund9.54%$1.1237.02%
CMSCCMS Energy Corporation 5.875% J9.48%$2.1762.27%
NEE-PNNextEra Energy, Inc. Series N J9.24%$2.2170.10%
CMSDCMS Energy Corporation 5.875% Junior Subordinated Notes due 20799.20%$2.1762.27%
VFLabrdn National Municipal Income Fund9.06%$0.9334.18%
UANCVR Partners, LP8.96%$9.0975.52%
GGZThe Gabelli Global Small and Mid Cap Value Trust8.95%$1.3448.03%
SUNSSunrise Realty Trust, Inc.8.95%$0.8388.91%
PTYPIMCO Corporate & Income Opportunity Fund8.93%$1.1588.40%
ATHSAthene Holding Ltd. 7.250% Fixe8.86%$2.2214.14%
APAMArtisan Partners Asset Management Inc.8.83%$3.6697.93%
VLTInvesco High Income Trust II8.83%$0.9846.97%
VTNInvesco Trust for Investment Grade New York Municipals8.75%$1.0165.99%
JEQAbrdn Japan Equity Fund Inc8.73%$0.6943.45%
MOAltria Group, Inc.8.69%$4.9894.54%
JGGCJaguar Global Growth Corporation I8.63%$0.1563.08%