Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Lushang Life Services Co., Ltd. (2376.HK)

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

Valuation Snapshot

Stable Growth$4.55 - $7.04$5.71
Multi-Stage$10.04 - $11.08$10.55
Blended Fair Value$8.13
Current Price$1.92
Upside323.32%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.000.030.000.000.000.000.000.000.000.00
YoY Growth---100.00%714.29%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%1.46%0.15%0.00%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)70.54
(-) Cash Dividends Paid (M)4.59
(=) Cash Retained (M)65.95
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)14.118.825.29
Cash Retained (M)65.9565.9565.95
(-) Cash Required (M)-14.11-8.82-5.29
(=) Excess Retained (M)51.8457.1360.66
(/) Shares Outstanding (M)144.24144.24144.24
(=) Excess Retained per Share0.360.400.42
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.360.400.42
(=) Adjusted Dividend0.390.430.45
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Fair Value$4.55$5.71$7.04
Upside / Downside137.03%197.17%266.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)70.5469.8369.1368.4467.7667.0869.09
Payout Ratio6.51%23.21%39.90%56.60%73.30%90.00%92.50%
Projected Dividends (M)4.5916.2127.5938.7449.6760.3763.91

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.42%6.42%6.42%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)15.0715.2315.38
Year 2 PV (M)23.8724.3624.85
Year 3 PV (M)31.1832.1433.12
Year 4 PV (M)37.1838.7240.31
Year 5 PV (M)42.0344.2246.50
PV of Terminal Value (M)1,299.391,367.051,437.50
Equity Value (M)1,448.711,521.711,597.66
Shares Outstanding (M)144.24144.24144.24
Fair Value$10.04$10.55$11.08
Upside / Downside423.10%449.46%476.89%

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