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Haw Par Corporation Limited (H02.SI)

Company Dividend Discount ModelIndustry: Drug Manufacturers - GeneralSector: Healthcare

Valuation Snapshot

Stable Growth$50.70 - $136.87$77.95
Multi-Stage$62.27 - $68.21$65.19
Blended Fair Value$71.57
Current Price$11.98
Upside497.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-19.02%7.30%0.400.350.300.300.301.150.250.200.390.20
YoY Growth--14.29%16.67%0.05%0.03%-73.90%360.71%25.43%-48.55%95.12%0.08%
Dividend Yield--3.59%3.55%3.13%2.64%2.80%8.98%2.07%1.74%4.25%2.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)484.85
(-) Cash Dividends Paid (M)398.46
(=) Cash Retained (M)86.38
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)96.9760.6136.36
Cash Retained (M)86.3886.3886.38
(-) Cash Required (M)-96.97-60.61-36.36
(=) Excess Retained (M)-10.5925.7850.02
(/) Shares Outstanding (M)221.35221.35221.35
(=) Excess Retained per Share-0.050.120.23
LTM Dividend per Share1.801.801.80
(+) Excess Retained per Share-0.050.120.23
(=) Adjusted Dividend1.751.922.03
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate2.73%3.73%4.73%
Fair Value$50.70$77.95$136.87
Upside / Downside323.24%550.70%1,042.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)484.85502.93521.69541.15561.33582.27599.74
Payout Ratio82.18%83.75%85.31%86.87%88.44%90.00%92.50%
Projected Dividends (M)398.46421.19445.05470.11496.42524.04554.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate2.73%3.73%4.73%
Year 1 PV (M)392.48396.30400.12
Year 2 PV (M)386.45394.01401.64
Year 3 PV (M)380.38391.60403.04
Year 4 PV (M)374.29389.08404.30
Year 5 PV (M)368.19386.46405.45
PV of Terminal Value (M)11,882.1512,471.8413,084.71
Equity Value (M)13,783.9414,429.2915,099.26
Shares Outstanding (M)221.35221.35221.35
Fair Value$62.27$65.19$68.21
Upside / Downside419.80%444.14%469.40%

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