Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dlg Exhibitions & Events Corporation Limited (600826.SS)

Company Dividend Discount ModelIndustry: Advertising AgenciesSector: Communication Services

Valuation Snapshot

Stable Growth$5.24 - $9.31$6.96
Multi-Stage$18.77 - $20.70$19.72
Blended Fair Value$13.34
Current Price$10.43
Upside27.86%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-10.72%24.82%0.270.100.090.100.080.470.120.350.220.22
YoY Growth--178.96%2.41%-2.97%25.89%-83.74%284.58%-64.93%57.50%0.25%660.00%
Dividend Yield--3.46%1.48%1.35%1.56%1.26%6.30%1.42%3.63%1.20%1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)285.57
(-) Cash Dividends Paid (M)208.03
(=) Cash Retained (M)77.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)57.1135.7021.42
Cash Retained (M)77.5477.5477.54
(-) Cash Required (M)-57.11-35.70-21.42
(=) Excess Retained (M)20.4341.8556.12
(/) Shares Outstanding (M)724.18724.18724.18
(=) Excess Retained per Share0.030.060.08
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.030.060.08
(=) Adjusted Dividend0.320.350.36
WACC / Discount Rate4.61%4.61%4.61%
Growth Rate-1.33%-0.33%0.67%
Fair Value$5.24$6.96$9.31
Upside / Downside-49.80%-33.32%-10.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)285.57284.62283.68282.73281.79280.85289.28
Payout Ratio72.85%76.28%79.71%83.14%86.57%90.00%92.50%
Projected Dividends (M)208.03217.10226.11235.06243.94252.77267.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.61%4.61%4.61%
Growth Rate-1.33%-0.33%0.67%
Year 1 PV (M)205.45207.53209.62
Year 2 PV (M)202.49206.62210.78
Year 3 PV (M)199.21205.32211.57
Year 4 PV (M)195.64203.69211.99
Year 5 PV (M)191.83201.75212.08
PV of Terminal Value (M)12,601.3413,252.9913,931.33
Equity Value (M)13,595.9614,277.9214,987.37
Shares Outstanding (M)724.18724.18724.18
Fair Value$18.77$19.72$20.70
Upside / Downside80.00%89.03%98.42%

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