Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

C&D Property Management Group Co. Limited (2156.HK)

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

Valuation Snapshot

Stable Growth$5.44 - $8.36$6.81
Multi-Stage$12.08 - $13.29$12.67
Blended Fair Value$9.74
Current Price$2.44
Upside299.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS0.00%0.00%0.240.090.050.000.000.000.000.000.000.00
YoY Growth--169.47%80.43%0.00%-100.00%0.00%0.00%-100.00%0.00%0.00%0.00%
Dividend Yield--10.67%2.89%1.27%0.00%0.04%0.00%0.00%0.10%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)834.95
(-) Cash Dividends Paid (M)457.08
(=) Cash Retained (M)377.87
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)166.99104.3762.62
Cash Retained (M)377.87377.87377.87
(-) Cash Required (M)-166.99-104.37-62.62
(=) Excess Retained (M)210.88273.50315.24
(/) Shares Outstanding (M)1,394.401,394.401,394.40
(=) Excess Retained per Share0.150.200.23
LTM Dividend per Share0.330.330.33
(+) Excess Retained per Share0.150.200.23
(=) Adjusted Dividend0.480.520.55
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate-2.00%-1.00%0.00%
Fair Value$5.44$6.81$8.36
Upside / Downside123.15%178.91%242.80%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)834.95826.60818.33810.15802.05794.03817.85
Payout Ratio54.74%61.80%68.85%75.90%82.95%90.00%92.50%
Projected Dividends (M)457.08510.80563.39614.88665.29714.63756.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.62%6.62%6.62%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)474.23479.07483.91
Year 2 PV (M)485.62495.59505.65
Year 3 PV (M)492.07507.29522.82
Year 4 PV (M)494.30514.78535.90
Year 5 PV (M)492.95518.62545.34
PV of Terminal Value (M)14,408.0015,158.2515,939.44
Equity Value (M)16,847.1717,673.6018,533.07
Shares Outstanding (M)1,394.401,394.401,394.40
Fair Value$12.08$12.67$13.29
Upside / Downside395.16%419.45%444.71%

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