Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker / Industry / Sector

China Merchants Bank Co., Ltd. (600036.SS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$324.51 - $1,171.04$1,032.50
Multi-Stage$149.03 - $163.02$155.90
Blended Fair Value$594.20
Current Price$45.95
Upside1,193.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.86%13.47%2.191.921.731.411.271.010.910.740.690.67
YoY Growth--14.31%10.93%23.02%10.51%26.44%11.09%22.40%7.25%2.99%8.06%
Dividend Yield--5.06%5.88%5.04%3.00%2.49%3.12%2.66%2.54%3.59%4.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)148,578.00
(-) Cash Dividends Paid (M)58,000.00
(=) Cash Retained (M)90,578.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29,715.6018,572.2511,143.35
Cash Retained (M)90,578.0090,578.0090,578.00
(-) Cash Required (M)-29,715.60-18,572.25-11,143.35
(=) Excess Retained (M)60,862.4072,005.7579,434.65
(/) Shares Outstanding (M)25,232.7125,232.7125,232.71
(=) Excess Retained per Share2.412.853.15
LTM Dividend per Share2.302.302.30
(+) Excess Retained per Share2.412.853.15
(=) Adjusted Dividend4.715.155.45
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Fair Value$324.51$1,032.50$1,171.04
Upside / Downside606.23%2,147.02%2,448.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)148,578.00158,235.57168,520.88179,474.74191,140.60203,564.74209,671.68
Payout Ratio39.04%49.23%59.42%69.61%79.81%90.00%92.50%
Projected Dividends (M)58,000.0077,898.40100,138.55124,940.79152,544.24183,208.26193,946.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.03%7.03%7.03%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)72,097.4772,780.8673,464.25
Year 2 PV (M)85,779.6487,413.5089,062.78
Year 3 PV (M)99,055.52101,899.04104,796.48
Year 4 PV (M)111,933.92116,238.58120,666.22
Year 5 PV (M)124,423.50130,433.20136,672.91
PV of Terminal Value (M)3,267,219.773,425,027.703,588,875.32
Equity Value (M)3,760,509.813,933,792.894,113,537.95
Shares Outstanding (M)25,232.7125,232.7125,232.71
Fair Value$149.03$155.90$163.02
Upside / Downside224.34%239.28%254.79%

High-Yield Dividend Screener

« Prev Page 30 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
DIB.AEDubai Islamic Bank P.J.S.C.4.96%$0.4741.66%
002701.SZORG Technology Co.,Ltd.4.95%$0.2968.18%
3702.TWWPG Holdings Limited4.95%$2.9381.01%
5353.TWOTailyn Technologies, Inc.4.95%$1.2992.09%
8966.THeiwa Real Estate REIT, Inc.4.95%$7,784.9462.25%
BOBA.JKPT Formosa Ingredient Factory Tbk4.95%$9.0050.69%
EPG-R.BKEastern Polymer Group Public Company Limited4.95%$0.1439.44%
MMP-UN.TOPrecious Metals and Mining Trust4.95%$0.1937.80%
VFQS.QAVodafone Qatar P.Q.S.C.4.95%$0.1280.20%
WJX.TOWajax Corporation4.95%$1.3765.74%
0RI3.LPareto Bank ASA4.94%$4.4950.07%
3226.TMitsui Fudosan Accommodations Fund Inc.4.94%$6,633.1172.65%
600987.SSZhejiang Hangmin Co.,Ltd4.94%$0.3447.75%
6596.TWOKuang Hong Arts Management Incorporation4.94%$6.9937.90%
ALLUX.PAInstallux S.A.4.94%$15.3129.71%
5110.SRSaudi Electricity Company4.93%$0.7051.64%
HYPE3.SAHypera S.A.4.93%$1.1588.85%
0966.HKChina Taiping Insurance Holdings Company Limited4.92%$0.9521.78%
5213.TWOYeaShin International Development Co., Ltd.4.92%$1.1837.56%
600295.SSInner Mongolia Erdos Resources Co.,ltd.4.92%$0.6192.93%
6192.TWLumax International Corp., Ltd.4.92%$5.4852.55%
E3G1.SGEvolution AB (publ)4.92%$2.8450.73%
XO.BKExotic Food Public Company Limited4.92%$0.7257.45%
059090.KQMiCo Ltd.4.91%$674.3669.83%
0662.HKAsia Financial Holdings Limited4.91%$0.2419.50%
4928.TNoevir Holdings Co., Ltd.4.91%$224.9495.68%
600970.SSSinoma International Engineering Co.Ltd4.91%$0.5144.22%
601319.SSThe People's Insurance Company (Group) of China Limited4.91%$0.4442.28%
EVLI.HEEvli Oyj4.91%$1.1492.58%
MRXMarex Group plc Ordinary Shares4.91%$1.8638.69%
SPMA.JKPT Suparma Tbk4.91%$11.9734.68%
TABREED.AENational Central Cooling Company PJSC4.91%$0.1677.99%
081660.KSMisto Holdings Corp.4.90%$2,010.6262.73%
300770.SZGuangdong South New Media Co.,Ltd.4.90%$2.0863.80%
7944.TRoland Corporation4.90%$174.9564.69%
IGTInternational Game Technology PLC4.90%$0.8083.51%
SYDB.COSydbank A/S4.90%$27.5761.30%
7246.KLSignature International Berhad4.89%$0.0748.72%
9917.TWTaiwan Secom Co., Ltd.4.89%$5.2880.23%
QBE.AXQBE Insurance Group Limited4.89%$0.9739.27%
TRIS3.SATrisul S.A.4.89%$0.3025.32%
000877.SZTianshan Material Co., Ltd.4.88%$0.2693.74%
0236.HKSan Miguel Brewery Hong Kong Limited4.88%$0.0633.49%
4007.SRAl Hammadi Holding Company4.88%$1.3884.27%
600901.SSJiangsu Financial Leasing Co., Ltd.4.88%$0.3054.72%
601098.SSChina South Publishing & Media Group Co., Ltd4.88%$0.5562.37%
SPIE.PASPIE S.a.4.88%$2.4095.87%
TOTO.JKPT Surya Toto Indonesia Tbk4.88%$13.1736.11%
002035.SZVatti Corporation Limited4.87%$0.3057.45%
002807.SZJiangsu Jiangyin Rural Commercial Bank Co.,LTD.4.87%$0.2225.03%