Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Xinyi Glass Holdings Limited (0868.HK)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$115.96 - $369.37$346.16
Multi-Stage$49.23 - $53.87$51.51
Blended Fair Value$198.83
Current Price$6.88
Upside2,790.02%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.86%8.27%0.470.220.861.220.440.490.500.400.310.14
YoY Growth--113.80%-74.44%-29.48%173.78%-9.20%-1.87%23.42%30.29%117.25%-32.62%
Dividend Yield--5.94%2.50%5.90%6.24%2.05%4.74%5.76%3.73%4.89%3.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,912.36
(-) Cash Dividends Paid (M)2,929.80
(=) Cash Retained (M)4,982.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,582.47989.04593.43
Cash Retained (M)4,982.564,982.564,982.56
(-) Cash Required (M)-1,582.47-989.04-593.43
(=) Excess Retained (M)3,400.093,993.514,389.13
(/) Shares Outstanding (M)4,260.124,260.124,260.12
(=) Excess Retained per Share0.800.941.03
LTM Dividend per Share0.690.690.69
(+) Excess Retained per Share0.800.941.03
(=) Adjusted Dividend1.491.631.72
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Fair Value$115.96$346.16$369.37
Upside / Downside1,585.46%4,931.34%5,268.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,912.368,426.668,974.399,557.7310,178.9810,840.6111,165.83
Payout Ratio37.03%47.62%58.22%68.81%79.41%90.00%92.50%
Projected Dividends (M)2,929.804,012.995,224.616,576.798,082.689,756.5510,328.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,720.393,755.663,790.92
Year 2 PV (M)4,490.514,576.044,662.38
Year 3 PV (M)5,240.555,390.995,544.28
Year 4 PV (M)5,970.896,200.526,436.70
Year 5 PV (M)6,681.927,004.657,339.75
PV of Terminal Value (M)183,641.62192,511.58201,721.01
Equity Value (M)209,745.88219,439.43229,495.03
Shares Outstanding (M)4,260.124,260.124,260.12
Fair Value$49.23$51.51$53.87
Upside / Downside615.62%648.69%683.00%

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