Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Smart-Core Holdings Limited (2166.HK)

Company Dividend Discount ModelIndustry: Technology DistributorsSector: Technology

Valuation Snapshot

Stable Growth$4.04 - $6.21$5.05
Multi-Stage$6.45 - $7.08$6.76
Blended Fair Value$5.91
Current Price$1.67
Upside253.60%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.57%0.00%0.070.060.120.080.040.060.050.020.070.00
YoY Growth--15.71%-51.39%48.53%96.31%-34.07%20.98%150.23%-67.82%0.00%0.00%
Dividend Yield--4.45%3.73%5.29%5.26%3.37%4.26%3.09%1.23%3.31%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)207.26
(-) Cash Dividends Paid (M)78.81
(=) Cash Retained (M)128.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.4525.9115.54
Cash Retained (M)128.44128.44128.44
(-) Cash Required (M)-41.45-25.91-15.54
(=) Excess Retained (M)86.99102.54112.90
(/) Shares Outstanding (M)473.68473.68473.68
(=) Excess Retained per Share0.180.220.24
LTM Dividend per Share0.170.170.17
(+) Excess Retained per Share0.180.220.24
(=) Adjusted Dividend0.350.380.40
WACC / Discount Rate8.20%8.20%8.20%
Growth Rate-0.43%0.57%1.57%
Fair Value$4.04$5.05$6.21
Upside / Downside141.99%202.40%271.59%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)207.26208.45209.64210.85212.06213.28219.67
Payout Ratio38.03%48.42%58.82%69.21%79.61%90.00%92.50%
Projected Dividends (M)78.81100.93123.30145.93168.81191.95203.20

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.20%8.20%8.20%
Growth Rate-0.43%0.57%1.57%
Year 1 PV (M)92.3693.2894.21
Year 2 PV (M)103.24105.32107.43
Year 3 PV (M)111.80115.20118.68
Year 4 PV (M)118.34123.17128.14
Year 5 PV (M)123.13129.44136.00
PV of Terminal Value (M)2,507.202,635.652,769.31
Equity Value (M)3,056.073,202.073,353.77
Shares Outstanding (M)473.68473.68473.68
Fair Value$6.45$6.76$7.08
Upside / Downside286.33%304.79%323.97%

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