Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Meitu, Inc. (1357.HK)

Company Dividend Discount ModelIndustry: Internet Content & InformationSector: Communication Services

Valuation Snapshot

Stable Growth$6.09 - $13.89$8.87
Multi-Stage$4.49 - $4.89$4.69
Blended Fair Value$6.78
Current Price$8.24
Upside-17.72%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%22.14%0.030.020.000.000.000.000.000.000.000.00
YoY Growth--81.59%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--1.17%0.54%0.00%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)1,352.86
(-) Cash Dividends Paid (M)603.17
(=) Cash Retained (M)749.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)270.57169.11101.46
Cash Retained (M)749.69749.69749.69
(-) Cash Required (M)-270.57-169.11-101.46
(=) Excess Retained (M)479.12580.58648.22
(/) Shares Outstanding (M)4,525.574,525.574,525.57
(=) Excess Retained per Share0.110.130.14
LTM Dividend per Share0.130.130.13
(+) Excess Retained per Share0.110.130.14
(=) Adjusted Dividend0.240.260.28
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate5.50%6.50%7.50%
Fair Value$6.09$8.87$13.89
Upside / Downside-26.03%7.68%68.60%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,352.861,440.801,534.451,634.191,740.411,853.541,909.14
Payout Ratio44.58%53.67%62.75%71.83%80.92%90.00%92.50%
Projected Dividends (M)603.17773.25962.881,173.901,408.291,668.181,765.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.64%9.64%9.64%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)698.64705.26711.88
Year 2 PV (M)786.04801.01816.12
Year 3 PV (M)865.84890.70916.02
Year 4 PV (M)938.50974.591,011.71
Year 5 PV (M)1,004.431,052.941,103.32
PV of Terminal Value (M)16,014.3716,787.8717,590.97
Equity Value (M)20,307.8121,212.3722,150.03
Shares Outstanding (M)4,525.574,525.574,525.57
Fair Value$4.49$4.69$4.89
Upside / Downside-45.54%-43.12%-40.60%

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