Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

China State Construction International Holdings Limited (3311.HK)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$351.02 - $761.11$713.28
Multi-Stage$114.29 - $125.14$119.62
Blended Fair Value$416.45
Current Price$10.80
Upside3,755.99%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.99%13.22%0.610.510.440.390.330.280.350.290.280.24
YoY Growth--19.42%15.73%14.10%17.91%17.86%-20.00%19.32%5.54%15.95%35.19%
Dividend Yield--4.98%5.56%5.04%4.00%7.43%3.94%5.60%2.56%2.39%1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,420.40
(-) Cash Dividends Paid (M)5,692.51
(=) Cash Retained (M)13,727.89
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,884.082,427.551,456.53
Cash Retained (M)13,727.8913,727.8913,727.89
(-) Cash Required (M)-3,884.08-2,427.55-1,456.53
(=) Excess Retained (M)9,843.8111,300.3412,271.36
(/) Shares Outstanding (M)5,074.445,074.445,074.44
(=) Excess Retained per Share1.942.232.42
LTM Dividend per Share1.121.121.12
(+) Excess Retained per Share1.942.232.42
(=) Adjusted Dividend3.063.353.54
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Fair Value$351.02$713.28$761.11
Upside / Downside3,150.19%6,504.41%6,947.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,420.4020,682.7222,027.1023,458.8624,983.6926,607.6327,405.86
Payout Ratio29.31%41.45%53.59%65.72%77.86%90.00%92.50%
Projected Dividends (M)5,692.518,572.9111,803.7115,418.2919,452.9023,946.8725,350.42

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)7,980.078,055.718,131.36
Year 2 PV (M)10,227.6510,422.4610,619.11
Year 3 PV (M)12,435.7712,792.7613,156.51
Year 4 PV (M)14,604.9315,166.6015,744.31
Year 5 PV (M)16,735.6517,543.9918,383.27
PV of Terminal Value (M)517,998.30543,017.81568,994.87
Equity Value (M)579,982.38606,999.33635,029.43
Shares Outstanding (M)5,074.445,074.445,074.44
Fair Value$114.29$119.62$125.14
Upside / Downside958.29%1,007.58%1,058.73%

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