Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CIMC Enric Holdings Limited (3899.HK)

Company Dividend Discount ModelIndustry: Oil & Gas Equipment & ServicesSector: Energy

Valuation Snapshot

Stable Growth$27.28 - $85.90$43.84
Multi-Stage$17.89 - $19.55$18.70
Blended Fair Value$31.27
Current Price$5.97
Upside423.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS18.02%12.06%0.260.200.170.110.170.120.060.000.080.14
YoY Growth--30.17%18.84%54.42%-35.26%48.06%87.18%0.00%-100.00%-45.25%64.86%
Dividend Yield--3.99%3.24%2.45%1.20%4.38%2.78%1.17%0.00%2.34%3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,202.30
(-) Cash Dividends Paid (M)563.50
(=) Cash Retained (M)1,638.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)440.46275.29165.17
Cash Retained (M)1,638.801,638.801,638.80
(-) Cash Required (M)-440.46-275.29-165.17
(=) Excess Retained (M)1,198.341,363.511,473.63
(/) Shares Outstanding (M)2,131.522,131.522,131.52
(=) Excess Retained per Share0.560.640.69
LTM Dividend per Share0.260.260.26
(+) Excess Retained per Share0.560.640.69
(=) Adjusted Dividend0.830.900.96
WACC / Discount Rate8.70%8.70%8.70%
Growth Rate5.50%6.50%7.50%
Fair Value$27.28$43.84$85.90
Upside / Downside357.03%634.39%1,338.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,202.302,345.452,497.912,660.272,833.193,017.343,107.86
Payout Ratio25.59%38.47%51.35%64.23%77.12%90.00%92.50%
Projected Dividends (M)563.50902.291,282.731,708.822,184.882,715.612,874.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.70%8.70%8.70%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)822.31830.10837.89
Year 2 PV (M)1,065.401,085.691,106.18
Year 3 PV (M)1,293.491,330.621,368.46
Year 4 PV (M)1,507.241,565.211,624.83
Year 5 PV (M)1,707.311,789.771,875.39
PV of Terminal Value (M)31,730.2833,262.8734,854.11
Equity Value (M)38,126.0439,864.2741,666.86
Shares Outstanding (M)2,131.522,131.522,131.52
Fair Value$17.89$18.70$19.55
Upside / Downside199.61%213.27%227.44%

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