Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Eco World Development Group Berhad (8206.KL)

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

Valuation Snapshot

Stable Growth$10.11 - $23.31$21.84
Multi-Stage$5.48 - $6.01$5.74
Blended Fair Value$13.79
Current Price$1.88
Upside633.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%57.36%0.060.060.050.040.000.000.000.000.000.00
YoY Growth--0.10%20.00%25.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--3.21%4.25%6.77%4.04%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)374.04
(-) Cash Dividends Paid (M)206.74
(=) Cash Retained (M)167.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)74.8146.7528.05
Cash Retained (M)167.30167.30167.30
(-) Cash Required (M)-74.81-46.75-28.05
(=) Excess Retained (M)92.49120.55139.25
(/) Shares Outstanding (M)3,151.373,151.373,151.37
(=) Excess Retained per Share0.030.040.04
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.030.040.04
(=) Adjusted Dividend0.090.100.11
WACC / Discount Rate5.14%5.14%5.14%
Growth Rate4.16%5.16%6.16%
Fair Value$10.11$21.84$23.31
Upside / Downside437.94%1,061.86%1,139.93%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)374.04393.34413.65435.00457.45481.06495.49
Payout Ratio55.27%62.22%69.16%76.11%83.05%90.00%92.50%
Projected Dividends (M)206.74244.73286.09331.07379.93432.96458.33

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.14%5.14%5.14%
Growth Rate4.16%5.16%6.16%
Year 1 PV (M)230.55232.76234.98
Year 2 PV (M)253.90258.80263.75
Year 3 PV (M)276.80284.85293.06
Year 4 PV (M)299.26310.91322.91
Year 5 PV (M)321.27336.99353.32
PV of Terminal Value (M)15,895.7116,673.5317,481.51
Equity Value (M)17,277.4918,097.8518,949.52
Shares Outstanding (M)3,151.373,151.373,151.37
Fair Value$5.48$5.74$6.01
Upside / Downside191.62%205.47%219.85%

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