Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shanghai Chicmax Cosmetic Co., Ltd. (2145.HK)

Company Dividend Discount ModelIndustry: Household & Personal ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$31.77 - $46.49$38.87
Multi-Stage$57.66 - $63.24$60.40
Blended Fair Value$49.63
Current Price$74.80
Upside-33.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%1.310.450.500.000.000.000.000.000.000.00
YoY Growth--191.51%-10.46%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.01%1.85%1.67%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)1,665.50
(-) Cash Dividends Paid (M)1,069.99
(=) Cash Retained (M)595.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)333.10208.19124.91
Cash Retained (M)595.51595.51595.51
(-) Cash Required (M)-333.10-208.19-124.91
(=) Excess Retained (M)262.41387.32470.60
(/) Shares Outstanding (M)397.98397.98397.98
(=) Excess Retained per Share0.660.971.18
LTM Dividend per Share2.692.692.69
(+) Excess Retained per Share0.660.971.18
(=) Adjusted Dividend3.353.663.87
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate-2.00%-1.00%0.00%
Fair Value$31.77$38.87$46.49
Upside / Downside-57.53%-48.04%-37.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,665.501,648.841,632.361,616.031,599.871,583.871,631.39
Payout Ratio64.24%69.40%74.55%79.70%84.85%90.00%92.50%
Projected Dividends (M)1,069.991,144.231,216.871,287.941,357.471,425.491,509.04

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.33%8.33%8.33%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,045.601,056.271,066.94
Year 2 PV (M)1,016.131,036.981,058.03
Year 3 PV (M)982.781,013.171,044.19
Year 4 PV (M)946.55985.781,026.22
Year 5 PV (M)908.30955.601,004.85
PV of Terminal Value (M)18,049.6818,989.5719,968.21
Equity Value (M)22,949.0524,037.3825,168.44
Shares Outstanding (M)397.98397.98397.98
Fair Value$57.66$60.40$63.24
Upside / Downside-22.91%-19.25%-15.45%

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