Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

BYD Company Limited (BY6.F)

Company Dividend Discount ModelIndustry: Auto - ManufacturersSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$231.61 - $955.44$596.40
Multi-Stage$113.55 - $124.26$118.81
Blended Fair Value$357.60
Current Price$112.96
Upside216.57%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.85%18.48%1.100.450.180.280.410.480.450.360.360.20
YoY Growth--142.46%155.85%-36.16%-32.99%-14.32%8.18%24.45%-0.28%79.10%-0.27%
Dividend Yield--0.89%0.73%0.26%0.47%0.88%3.84%3.25%2.12%2.80%1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)42,133.62
(-) Cash Dividends Paid (M)9,776.47
(=) Cash Retained (M)32,357.15
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,426.725,266.703,160.02
Cash Retained (M)32,357.1532,357.1532,357.15
(-) Cash Required (M)-8,426.72-5,266.70-3,160.02
(=) Excess Retained (M)23,930.4327,090.4529,197.13
(/) Shares Outstanding (M)8,770.148,770.148,770.14
(=) Excess Retained per Share2.733.093.33
LTM Dividend per Share1.111.111.11
(+) Excess Retained per Share2.733.093.33
(=) Adjusted Dividend3.844.204.44
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Fair Value$231.61$596.40$955.44
Upside / Downside105.04%427.97%745.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)42,133.6244,872.3147,789.0150,895.2954,203.4957,726.7159,458.51
Payout Ratio23.20%36.56%49.92%63.28%76.64%90.00%92.50%
Projected Dividends (M)9,776.4716,406.5723,857.2732,207.2541,541.9351,954.0454,999.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)15,153.7715,297.4015,441.04
Year 2 PV (M)20,352.9120,740.5821,131.90
Year 3 PV (M)25,378.2826,106.8026,849.13
Year 4 PV (M)30,234.1831,396.9032,592.84
Year 5 PV (M)34,924.7836,611.6638,363.10
PV of Terminal Value (M)869,787.97911,799.06955,418.01
Equity Value (M)995,831.891,041,952.401,089,796.02
Shares Outstanding (M)8,770.148,770.148,770.14
Fair Value$113.55$118.81$124.26
Upside / Downside0.52%5.18%10.01%

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