Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Far East Horizon Limited (3360.HK)

Company Dividend Discount ModelIndustry: Financial - Credit ServicesSector: Financial Services

Valuation Snapshot

Stable Growth$47.37 - $132.21$73.55
Multi-Stage$32.72 - $35.71$34.19
Blended Fair Value$53.87
Current Price$6.22
Upside766.12%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS23.46%16.94%0.610.420.380.330.240.210.200.160.160.12
YoY Growth--44.52%9.86%14.28%38.47%14.18%3.03%27.39%-0.87%29.91%-1.38%
Dividend Yield--11.35%7.53%7.07%5.91%3.58%3.24%2.95%2.75%2.72%2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9,222.44
(-) Cash Dividends Paid (M)4,148.71
(=) Cash Retained (M)5,073.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,844.491,152.81691.68
Cash Retained (M)5,073.735,073.735,073.73
(-) Cash Required (M)-1,844.49-1,152.81-691.68
(=) Excess Retained (M)3,229.243,920.924,382.04
(/) Shares Outstanding (M)4,747.834,747.834,747.83
(=) Excess Retained per Share0.680.830.92
LTM Dividend per Share0.870.870.87
(+) Excess Retained per Share0.680.830.92
(=) Adjusted Dividend1.551.701.80
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate5.50%6.50%7.50%
Fair Value$47.37$73.55$132.21
Upside / Downside661.57%1,082.55%2,025.61%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9,222.449,821.9010,460.3211,140.2411,864.3612,635.5413,014.61
Payout Ratio44.98%53.99%62.99%71.99%81.00%90.00%92.50%
Projected Dividends (M)4,148.715,302.656,589.068,020.319,609.7811,371.9912,038.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.96%8.96%8.96%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)4,820.864,866.564,912.25
Year 2 PV (M)5,446.135,549.865,654.57
Year 3 PV (M)6,026.816,199.816,376.10
Year 4 PV (M)6,565.106,817.587,077.27
Year 5 PV (M)7,063.127,404.287,758.48
PV of Terminal Value (M)125,435.31131,493.88137,784.33
Equity Value (M)155,357.33162,331.96169,563.00
Shares Outstanding (M)4,747.834,747.834,747.83
Fair Value$32.72$34.19$35.71
Upside / Downside426.07%449.69%474.18%

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