Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dickson Concepts (International) Limited (0113.HK)

Company Dividend Discount ModelIndustry: Luxury GoodsSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$8.26 - $12.00$10.08
Multi-Stage$70.16 - $78.12$74.05
Blended Fair Value$42.06
Current Price$5.22
Upside705.84%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.96%17.74%0.450.370.350.350.550.360.160.070.110.06
YoY Growth--21.60%5.71%0.00%-36.36%55.75%126.59%127.16%-35.37%80.44%-33.04%
Dividend Yield--9.41%7.56%8.80%8.82%13.39%9.34%3.78%2.43%3.86%2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)479.09
(-) Cash Dividends Paid (M)323.21
(=) Cash Retained (M)155.88
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)95.8259.8935.93
Cash Retained (M)155.88155.88155.88
(-) Cash Required (M)-95.82-59.89-35.93
(=) Excess Retained (M)60.0695.99119.94
(/) Shares Outstanding (M)391.14391.14391.14
(=) Excess Retained per Share0.150.250.31
LTM Dividend per Share0.830.830.83
(+) Excess Retained per Share0.150.250.31
(=) Adjusted Dividend0.981.071.13
WACC / Discount Rate0.92%0.92%0.92%
Growth Rate-9.79%-8.79%-7.79%
Fair Value$8.26$10.08$12.00
Upside / Downside58.22%93.01%129.98%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)479.09437.00398.61363.59331.64302.51311.58
Payout Ratio67.46%71.97%76.48%80.99%85.49%90.00%92.50%
Projected Dividends (M)323.21314.51304.85294.45283.53272.26288.21

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.92%0.92%0.92%
Growth Rate-9.79%-8.79%-7.79%
Year 1 PV (M)308.24311.65315.07
Year 2 PV (M)292.80299.33305.93
Year 3 PV (M)277.17286.49296.02
Year 4 PV (M)261.57273.36285.54
Year 5 PV (M)246.15260.10274.67
PV of Terminal Value (M)26,058.0027,534.6029,077.39
Equity Value (M)27,443.9328,965.5330,554.62
Shares Outstanding (M)391.14391.14391.14
Fair Value$70.16$74.05$78.12
Upside / Downside1,244.15%1,318.67%1,396.51%

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