Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

BYD Company Limited (BY6.F)

Company Dividend Discount ModelIndustry: Auto - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$231.32 - $955.44$594.62
Multi-Stage$113.48 - $124.19$118.74
Blended Fair Value$356.68
Current Price$112.96
Upside215.76%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.85%18.48%1.100.450.180.280.410.480.450.360.360.20
YoY Growth--142.46%155.85%-36.16%-32.99%-14.32%8.18%24.45%-0.28%79.10%-0.27%
Dividend Yield--0.89%0.73%0.26%0.47%0.88%3.84%3.25%2.12%2.80%1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)42,133.62
(-) Cash Dividends Paid (M)9,776.47
(=) Cash Retained (M)32,357.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,426.725,266.703,160.02
Cash Retained (M)32,357.1532,357.1532,357.15
(-) Cash Required (M)-8,426.72-5,266.70-3,160.02
(=) Excess Retained (M)23,930.4327,090.4529,197.13
(/) Shares Outstanding (M)8,770.148,770.148,770.14
(=) Excess Retained per Share2.733.093.33
LTM Dividend per Share1.111.111.11
(+) Excess Retained per Share2.733.093.33
(=) Adjusted Dividend3.844.204.44
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Fair Value$231.32$594.62$955.44
Upside / Downside104.78%426.39%745.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42,133.6244,872.3147,789.0150,895.2954,203.4957,726.7159,458.51
Payout Ratio23.20%36.56%49.92%63.28%76.64%90.00%92.50%
Projected Dividends (M)9,776.4716,406.5723,857.2732,207.2541,541.9351,954.0454,999.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)15,153.4515,297.0815,440.72
Year 2 PV (M)20,352.0620,739.7121,131.01
Year 3 PV (M)25,376.6926,105.1626,847.44
Year 4 PV (M)30,231.6431,394.2632,590.10
Year 5 PV (M)34,921.1236,607.8238,359.08
PV of Terminal Value (M)869,237.11911,221.58954,812.91
Equity Value (M)995,272.061,041,365.621,089,181.26
Shares Outstanding (M)8,770.148,770.148,770.14
Fair Value$113.48$118.74$124.19
Upside / Downside0.46%5.12%9.94%

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