Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Tian An Medicare Limited (0383.HK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$1.02 - $2.39$1.50
Multi-Stage$1.05 - $1.15$1.10
Blended Fair Value$1.30
Current Price$0.81
Upside60.29%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192019201820172016
DPS0.00%-14.66%0.010.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--1.37%0.00%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)53.80
(-) Cash Dividends Paid (M)32.52
(=) Cash Retained (M)21.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.766.734.04
Cash Retained (M)21.2821.2821.28
(-) Cash Required (M)-10.76-6.73-4.04
(=) Excess Retained (M)10.5214.5517.24
(/) Shares Outstanding (M)1,085.491,085.491,085.49
(=) Excess Retained per Share0.010.010.02
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.010.010.02
(=) Adjusted Dividend0.040.040.05
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate3.42%4.42%5.42%
Fair Value$1.02$1.50$2.39
Upside / Downside25.83%84.92%194.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53.8056.1858.6661.2563.9666.7968.79
Payout Ratio60.45%66.36%72.27%78.18%84.09%90.00%92.50%
Projected Dividends (M)32.5237.2842.3947.8953.7860.1163.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate3.42%4.42%5.42%
Year 1 PV (M)34.3734.7035.03
Year 2 PV (M)36.0236.7337.43
Year 3 PV (M)37.5138.6139.73
Year 4 PV (M)38.8440.3641.93
Year 5 PV (M)40.0141.9844.03
PV of Terminal Value (M)953.481,000.471,049.31
Equity Value (M)1,140.221,192.851,247.46
Shares Outstanding (M)1,085.491,085.491,085.49
Fair Value$1.05$1.10$1.15
Upside / Downside29.68%35.67%41.88%

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