Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

China Resources Mixc Lifestyle Services Limited (1209.HK)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$29.30 - $45.33$36.73
Multi-Stage$68.14 - $74.93$71.47
Blended Fair Value$54.10
Current Price$34.62
Upside56.27%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%1.340.920.420.130.290.000.030.020.000.00
YoY Growth--46.05%117.07%220.84%-55.05%0.00%-100.00%95.68%0.00%0.00%0.00%
Dividend Yield--4.93%3.75%1.20%0.44%0.97%0.00%0.12%0.07%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,185.97
(-) Cash Dividends Paid (M)5,142.11
(=) Cash Retained (M)2,043.86
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,437.19898.25538.95
Cash Retained (M)2,043.862,043.862,043.86
(-) Cash Required (M)-1,437.19-898.25-538.95
(=) Excess Retained (M)606.671,145.621,504.91
(/) Shares Outstanding (M)2,282.502,282.502,282.50
(=) Excess Retained per Share0.270.500.66
LTM Dividend per Share2.252.252.25
(+) Excess Retained per Share0.270.500.66
(=) Adjusted Dividend2.522.752.91
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$29.30$36.73$45.33
Upside / Downside-15.37%6.10%30.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,185.977,114.117,042.976,972.546,902.816,833.787,038.80
Payout Ratio71.56%75.25%78.93%82.62%86.31%90.00%92.50%
Projected Dividends (M)5,142.115,353.095,559.345,760.925,957.926,150.416,510.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4,979.145,029.945,080.75
Year 2 PV (M)4,809.744,908.405,008.06
Year 3 PV (M)4,635.974,779.344,925.64
Year 4 PV (M)4,459.574,644.404,834.91
Year 5 PV (M)4,282.054,505.024,737.19
PV of Terminal Value (M)132,372.61139,265.56146,442.71
Equity Value (M)155,539.07163,132.66171,029.26
Shares Outstanding (M)2,282.502,282.502,282.50
Fair Value$68.14$71.47$74.93
Upside / Downside96.83%106.44%116.44%

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