Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Canvest Environmental Protection Group Company Limited (1381.HK)

Company Dividend Discount ModelIndustry: Waste ManagementSector: Industrials

Valuation Snapshot

Stable Growth$11.44 - $21.61$15.56
Multi-Stage$38.34 - $42.30$40.28
Blended Fair Value$27.92
Current Price$4.59
Upside508.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-11.57%0.00%0.030.100.120.100.080.060.040.030.010.00
YoY Growth---66.67%-20.00%21.21%26.92%31.79%50.78%34.48%218.20%0.00%0.00%
Dividend Yield--0.70%2.48%2.86%2.41%2.36%1.65%0.96%0.64%0.24%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,867.40
(-) Cash Dividends Paid (M)234.20
(=) Cash Retained (M)1,633.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)373.48233.43140.06
Cash Retained (M)1,633.211,633.211,633.21
(-) Cash Required (M)-373.48-233.43-140.06
(=) Excess Retained (M)1,259.731,399.781,493.15
(/) Shares Outstanding (M)2,429.442,429.442,429.44
(=) Excess Retained per Share0.520.580.61
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.520.580.61
(=) Adjusted Dividend0.610.670.71
WACC / Discount Rate4.55%4.55%4.55%
Growth Rate-0.78%0.22%1.22%
Fair Value$11.44$15.56$21.61
Upside / Downside149.34%239.07%370.70%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,867.401,871.431,875.461,879.501,883.551,887.611,944.24
Payout Ratio12.54%28.03%43.52%59.02%74.51%90.00%92.50%
Projected Dividends (M)234.20524.62816.291,109.221,403.401,698.851,798.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.55%4.55%4.55%
Growth Rate-0.78%0.22%1.22%
Year 1 PV (M)496.80501.80506.81
Year 2 PV (M)732.01746.84761.82
Year 3 PV (M)941.94970.711,000.06
Year 4 PV (M)1,128.561,174.751,222.35
Year 5 PV (M)1,293.701,360.221,429.45
PV of Terminal Value (M)88,559.5093,113.3697,852.66
Equity Value (M)93,152.5097,867.68102,773.15
Shares Outstanding (M)2,429.442,429.442,429.44
Fair Value$38.34$40.28$42.30
Upside / Downside735.36%777.65%821.64%

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