Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CIMC Enric Holdings Limited (3899.HK)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$35.93 - $205.48$67.49
Multi-Stage$20.91 - $22.86$21.87
Blended Fair Value$44.68
Current Price$5.97
Upside648.34%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.02%12.06%0.260.200.170.110.170.120.060.000.080.14
YoY Growth--30.17%18.84%54.42%-35.26%48.06%87.18%0.00%-100.00%-45.25%64.86%
Dividend Yield--3.99%3.24%2.45%1.20%4.38%2.78%1.17%0.00%2.34%3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,202.30
(-) Cash Dividends Paid (M)563.50
(=) Cash Retained (M)1,638.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)440.46275.29165.17
Cash Retained (M)1,638.801,638.801,638.80
(-) Cash Required (M)-440.46-275.29-165.17
(=) Excess Retained (M)1,198.341,363.511,473.63
(/) Shares Outstanding (M)2,131.522,131.522,131.52
(=) Excess Retained per Share0.560.640.69
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.560.640.69
(=) Adjusted Dividend0.830.900.96
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Fair Value$35.93$67.49$205.48
Upside / Downside501.92%1,030.41%3,341.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,202.302,345.452,497.912,660.272,833.193,017.343,107.86
Payout Ratio25.59%38.47%51.35%64.23%77.12%90.00%92.50%
Projected Dividends (M)563.50902.291,282.731,708.822,184.882,715.612,874.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.93%7.93%7.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)828.17836.02843.87
Year 2 PV (M)1,080.651,101.231,122.01
Year 3 PV (M)1,321.351,359.281,397.93
Year 4 PV (M)1,550.681,610.321,671.66
Year 5 PV (M)1,769.041,854.481,943.20
PV of Terminal Value (M)38,011.5939,847.5641,753.80
Equity Value (M)44,561.4746,608.8948,732.46
Shares Outstanding (M)2,131.522,131.522,131.52
Fair Value$20.91$21.87$22.86
Upside / Downside250.18%266.27%282.96%

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