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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 11.4% - 10.4% | 10.9% |
| Fair Value | €0.30 - €0.34 | €0.31 |
| Upside | 18.0% - 32.0% | 23.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (HKD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 644 | 647 | 647 | 647 | 647 | 647 | 647 | |
| % Growth | 10.1% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 46.9% | 55.0% | 64.0% | 73.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 302 | 356 | 414 | 472 | 531 | 582 | 599 | |
| % Growth | 17.9% | 16.4% | 14.1% | 12.3% | 9.8% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (HKD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 105 | 89 | 286 | 302 | 302 | 302 | 302 | |
| % Growth | -16% | 223% | 5% | 0% | 0% | |||
| Net Income to Common | (148) | 383 | 582 | 585 | 644 | 585 | 644 | |
| % Growth | NM | 52% | 1% | 10% | 10% | |||
| Payout Ratio | -71% | 23% | 49% | 52% | 47% | 52% | 47% | |
| Retention Ratio | 171% | 77% | 51% | 48% | 53% | 48% | 53% | |
| Adjusted EBITDA | 743 | 884 | 1,109 | 1,140 | 1,186 | 1,140 | 1,186 | |
| % Growth | 19% | 25% | 3% | 4% | 4% | |||
| Total Debt | 854 | 1,545 | 2,206 | 2,258 | 2,196 | 2,258 | 2,196 | |
| Shareholder's Equity | 4,013 | 4,356 | 4,379 | 4,881 | 4,721 | 4,881 | 4,721 | |
| Debt / EBITDA | 1.1 | 1.7 | 2.0 | 2.0 | 1.9 | 1.8 | ||
| Debt / Equity | 21% | 35% | 50% | 46% | 47% | 46% | 47% | |
| 3-Yr Avg. Dividend Growth | 76.3% | |||||||
| 5-Yr Median Payout Ratio | 46.9% | |||||||