Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

First Pacific Company Limited (0142.HK)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$8.95 - $52.29$16.45
Multi-Stage$7.68 - $8.42$8.04
Blended Fair Value$12.24
Current Price$0.71
Upside1,629.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.87%1.40%0.030.030.030.020.020.020.020.020.020.03
YoY Growth--11.93%7.01%21.26%16.96%17.72%-10.72%-0.27%0.81%-35.76%-0.35%
Dividend Yield--5.40%7.03%8.77%5.86%5.79%4.61%4.55%2.52%2.50%4.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,147.10
(-) Cash Dividends Paid (M)252.20
(=) Cash Retained (M)894.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)229.42143.3986.03
Cash Retained (M)894.90894.90894.90
(-) Cash Required (M)-229.42-143.39-86.03
(=) Excess Retained (M)665.48751.51808.87
(/) Shares Outstanding (M)4,249.374,249.374,249.37
(=) Excess Retained per Share0.160.180.19
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share0.160.180.19
(=) Adjusted Dividend0.220.240.25
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate3.80%4.80%5.80%
Fair Value$8.95$16.45$52.29
Upside / Downside1,163.73%2,222.63%7,284.81%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,147.101,202.211,259.971,320.511,383.951,450.451,493.96
Payout Ratio21.99%35.59%49.19%62.79%76.40%90.00%92.50%
Projected Dividends (M)252.20427.85619.80829.211,057.301,305.401,381.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.31%6.31%6.31%
Growth Rate3.80%4.80%5.80%
Year 1 PV (M)398.62402.46406.30
Year 2 PV (M)537.99548.41558.93
Year 3 PV (M)670.58690.15710.09
Year 4 PV (M)796.62827.76859.81
Year 5 PV (M)916.35961.341,008.09
PV of Terminal Value (M)29,308.6230,747.8032,242.97
Equity Value (M)32,628.7734,177.9235,786.19
Shares Outstanding (M)4,249.374,249.374,249.37
Fair Value$7.68$8.04$8.42
Upside / Downside984.42%1,035.91%1,089.36%

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