Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

EuroEyes International Eye Clinic Limited (1846.HK)

Company Dividend Discount ModelIndustry: Medical - Care FacilitiesSector: Healthcare

Valuation Snapshot

Stable Growth$4.67 - $6.98$5.77
Multi-Stage$8.98 - $9.88$9.42
Blended Fair Value$7.59
Current Price$2.73
Upside178.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS0.00%0.00%0.080.120.100.030.190.000.000.000.000.00
YoY Growth---29.80%19.87%236.42%-84.15%0.00%0.00%-100.00%21.06%0.00%0.00%
Dividend Yield--2.15%2.33%1.84%0.37%2.16%0.00%0.00%0.03%0.02%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)184.45
(-) Cash Dividends Paid (M)55.15
(=) Cash Retained (M)129.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)36.8923.0613.83
Cash Retained (M)129.30129.30129.30
(-) Cash Required (M)-36.89-23.06-13.83
(=) Excess Retained (M)92.41106.24115.46
(/) Shares Outstanding (M)328.24328.24328.24
(=) Excess Retained per Share0.280.320.35
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.280.320.35
(=) Adjusted Dividend0.450.490.52
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.67$5.77$6.98
Upside / Downside70.92%111.22%155.85%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)184.45182.61180.78178.98177.19175.41180.68
Payout Ratio29.90%41.92%53.94%65.96%77.98%90.00%92.50%
Projected Dividends (M)55.1576.5597.52118.05138.17157.87167.13

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.44%7.44%7.44%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)70.5371.2571.97
Year 2 PV (M)82.7884.4886.19
Year 3 PV (M)92.3395.1898.10
Year 4 PV (M)99.56103.68107.94
Year 5 PV (M)104.81110.26115.95
PV of Terminal Value (M)2,497.662,627.722,763.14
Equity Value (M)2,947.663,092.583,243.29
Shares Outstanding (M)328.24328.24328.24
Fair Value$8.98$9.42$9.88
Upside / Downside228.95%245.12%261.94%

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