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$2.84 - $4.31$3.53
Multi-Stage$2.50 - $2.71$2.60
Blended Fair Value$3.06
Current Price$8.24
Upside-62.81%
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 Rate14.40%14.40%14.40%
Growth Rate5.50%6.50%7.50%
Fair Value$2.84$3.53$4.31
Upside / Downside-65.59%-57.20%-47.71%

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 Rate14.40%14.40%14.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)669.58675.92682.27
Year 2 PV (M)722.00735.75749.64
Year 3 PV (M)762.22784.10806.40
Year 4 PV (M)791.81822.26853.58
Year 5 PV (M)812.19851.42892.15
PV of Terminal Value (M)7,543.067,907.398,285.67
Equity Value (M)11,300.8611,776.8512,269.70
Shares Outstanding (M)4,525.574,525.574,525.57
Fair Value$2.50$2.60$2.71
Upside / Downside-69.70%-68.42%-67.10%

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