Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

IVD Medical Holding Limited (1931.HK)

Company Dividend Discount ModelIndustry: Medical - DistributionSector: Healthcare

Valuation Snapshot

Stable Growth$2.27 - $3.32$2.78
Multi-Stage$4.00 - $4.40$4.20
Blended Fair Value$3.49
Current Price$2.01
Upside73.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-9.28%0.00%0.100.050.040.030.060.160.000.010.020.00
YoY Growth--84.39%44.15%5.00%-41.00%-62.67%0.00%-100.00%-68.60%0.00%0.00%
Dividend Yield--5.72%3.12%2.10%1.32%3.28%5.66%0.00%0.22%0.65%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)434.69
(-) Cash Dividends Paid (M)167.99
(=) Cash Retained (M)266.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)86.9454.3432.60
Cash Retained (M)266.71266.71266.71
(-) Cash Required (M)-86.94-54.34-32.60
(=) Excess Retained (M)179.77212.37234.10
(/) Shares Outstanding (M)1,456.031,456.031,456.03
(=) Excess Retained per Share0.120.150.16
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.120.150.16
(=) Adjusted Dividend0.240.260.28
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.27$2.78$3.32
Upside / Downside12.96%38.22%65.36%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)434.69430.35426.04421.78417.56413.39425.79
Payout Ratio38.64%48.92%59.19%69.46%79.73%90.00%92.50%
Projected Dividends (M)167.99210.51252.16292.96332.92372.05393.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.31%8.31%8.31%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)192.40194.36196.32
Year 2 PV (M)210.64214.96219.32
Year 3 PV (M)223.66230.58237.64
Year 4 PV (M)232.30241.93251.85
Year 5 PV (M)237.27249.62262.49
PV of Terminal Value (M)4,731.374,977.745,234.27
Equity Value (M)5,827.636,109.196,401.90
Shares Outstanding (M)1,456.031,456.031,456.03
Fair Value$4.00$4.20$4.40
Upside / Downside99.13%108.75%118.75%

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