Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Natural Food International Holding Limited (1837.HK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$1.17 - $1.74$1.44
Multi-Stage$2.18 - $2.40$2.29
Blended Fair Value$1.86
Current Price$0.72
Upside158.31%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-3.58%0.00%0.030.000.000.020.000.040.110.020.000.00
YoY Growth--0.00%0.00%-100.00%0.00%-100.00%-65.43%363.95%0.00%0.00%0.00%
Dividend Yield--6.78%0.00%0.00%4.00%0.00%3.00%9.63%2.06%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)310.45
(-) Cash Dividends Paid (M)70.52
(=) Cash Retained (M)239.93
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)62.0938.8123.28
Cash Retained (M)239.93239.93239.93
(-) Cash Required (M)-62.09-38.81-23.28
(=) Excess Retained (M)177.84201.12216.64
(/) Shares Outstanding (M)2,172.692,172.692,172.69
(=) Excess Retained per Share0.080.090.10
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.080.090.10
(=) Adjusted Dividend0.110.130.13
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-2.00%-1.00%0.00%
Fair Value$1.17$1.44$1.74
Upside / Downside61.72%99.43%140.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)310.45307.34304.27301.23298.21295.23304.09
Payout Ratio22.72%36.17%49.63%63.09%76.54%90.00%92.50%
Projected Dividends (M)70.52111.17151.01190.03228.26265.71281.28

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.61%7.61%7.61%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)102.27103.31104.35
Year 2 PV (M)127.78130.40133.05
Year 3 PV (M)147.92152.49157.16
Year 4 PV (M)163.44170.21177.19
Year 5 PV (M)175.00184.12193.61
PV of Terminal Value (M)4,016.574,225.724,443.50
Equity Value (M)4,732.974,966.255,208.85
Shares Outstanding (M)2,172.692,172.692,172.69
Fair Value$2.18$2.29$2.40
Upside / Downside202.29%217.18%232.68%

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