Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Meitu, Inc. (1357.HK)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$2.99 - $4.61$3.74
Multi-Stage$2.61 - $2.84$2.72
Blended Fair Value$3.23
Current Price$8.24
Upside-60.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%22.14%0.030.020.000.000.000.000.000.000.000.00
YoY Growth--81.59%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--1.17%0.54%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,352.86
(-) Cash Dividends Paid (M)603.17
(=) Cash Retained (M)749.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)270.57169.11101.46
Cash Retained (M)749.69749.69749.69
(-) Cash Required (M)-270.57-169.11-101.46
(=) Excess Retained (M)479.12580.58648.22
(/) Shares Outstanding (M)4,525.574,525.574,525.57
(=) Excess Retained per Share0.110.130.14
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.110.130.14
(=) Adjusted Dividend0.240.260.28
WACC / Discount Rate13.95%13.95%13.95%
Growth Rate5.50%6.50%7.50%
Fair Value$2.99$3.74$4.61
Upside / Downside-63.76%-54.62%-44.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,352.861,440.801,534.451,634.191,740.411,853.541,909.14
Payout Ratio44.58%53.67%62.75%71.83%80.92%90.00%92.50%
Projected Dividends (M)603.17773.25962.881,173.901,408.291,668.181,765.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate13.95%13.95%13.95%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)672.22678.59684.96
Year 2 PV (M)727.71741.57755.56
Year 3 PV (M)771.27793.41815.97
Year 4 PV (M)804.38835.31867.13
Year 5 PV (M)828.33868.34909.88
PV of Terminal Value (M)8,008.638,395.458,797.08
Equity Value (M)11,812.5412,312.6712,830.58
Shares Outstanding (M)4,525.574,525.574,525.57
Fair Value$2.61$2.72$2.84
Upside / Downside-68.32%-66.98%-65.59%

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