Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Combine Will International Holdings Limited (N0Z.SI)

Company Dividend Discount ModelIndustry: LeisureSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$11.68 - $18.52$14.80
Multi-Stage$27.50 - $30.34$28.89
Blended Fair Value$21.85
Current Price$6.85
Upside218.94%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.20%0.00%0.270.270.680.070.070.270.000.000.240.00
YoY Growth---0.81%-59.82%900.38%-2.11%-74.12%0.00%0.00%-100.00%0.00%0.00%
Dividend Yield--4.84%5.07%12.53%1.42%1.34%4.29%0.00%0.00%7.54%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)40.46
(-) Cash Dividends Paid (M)2.50
(=) Cash Retained (M)37.96
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.095.063.03
Cash Retained (M)37.9637.9637.96
(-) Cash Required (M)-8.09-5.06-3.03
(=) Excess Retained (M)29.8732.9034.92
(/) Shares Outstanding (M)34.7834.7834.78
(=) Excess Retained per Share0.860.951.00
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.860.951.00
(=) Adjusted Dividend0.931.021.08
WACC / Discount Rate6.02%6.02%6.02%
Growth Rate-1.80%-0.80%0.20%
Fair Value$11.68$14.80$18.52
Upside / Downside70.57%116.09%170.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)40.4640.1339.8139.5039.1838.8740.03
Payout Ratio6.18%22.95%39.71%56.47%73.24%90.00%92.50%
Projected Dividends (M)2.509.2115.8122.3028.6934.9837.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.02%6.02%6.02%
Growth Rate-1.80%-0.80%0.20%
Year 1 PV (M)8.608.698.77
Year 2 PV (M)13.7814.0614.35
Year 3 PV (M)18.1518.7219.29
Year 4 PV (M)21.8122.7123.64
Year 5 PV (M)24.8226.1127.45
PV of Terminal Value (M)869.37914.55961.58
Equity Value (M)956.541,004.831,055.09
Shares Outstanding (M)34.7834.7834.78
Fair Value$27.50$28.89$30.34
Upside / Downside301.51%321.78%342.88%

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