Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

WH Group Limited (0288.HK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$1.88 - $2.95$2.37
Multi-Stage$3.32 - $3.64$3.48
Blended Fair Value$2.93
Current Price$0.96
Upside204.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.89%0.00%0.040.040.020.030.050.030.040.040.020.00
YoY Growth--17.14%57.56%-6.33%-44.57%59.73%-25.74%3.27%58.77%0.00%0.00%
Dividend Yield--5.78%5.92%4.17%4.13%5.57%2.84%5.11%3.31%2.97%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,444.00
(-) Cash Dividends Paid (M)2,009.00
(=) Cash Retained (M)435.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)488.80305.50183.30
Cash Retained (M)435.00435.00435.00
(-) Cash Required (M)-488.80-305.50-183.30
(=) Excess Retained (M)-53.80129.50251.70
(/) Shares Outstanding (M)12,830.0812,830.0812,830.08
(=) Excess Retained per Share0.000.010.02
LTM Dividend per Share0.160.160.16
(+) Excess Retained per Share0.000.010.02
(=) Adjusted Dividend0.150.170.18
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-0.45%0.55%1.55%
Fair Value$1.88$2.37$2.95
Upside / Downside95.70%146.81%206.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,444.002,457.442,470.952,484.542,498.202,511.942,587.29
Payout Ratio82.20%83.76%85.32%86.88%88.44%90.00%92.50%
Projected Dividends (M)2,009.002,058.382,108.232,158.582,209.412,260.742,393.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-0.45%0.55%1.55%
Year 1 PV (M)1,893.751,912.771,931.79
Year 2 PV (M)1,784.481,820.511,856.91
Year 3 PV (M)1,680.961,732.131,784.33
Year 4 PV (M)1,582.941,647.511,714.03
Year 5 PV (M)1,490.171,566.531,645.99
PV of Terminal Value (M)34,201.3135,953.9637,777.75
Equity Value (M)42,633.6144,633.4246,710.80
Shares Outstanding (M)12,830.0812,830.0812,830.08
Fair Value$3.32$3.48$3.64
Upside / Downside245.60%261.81%278.65%

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