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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 19.4% - 18.4% | 18.9% |
| Fair Value | €0.047 - €0.051 | €0.049 |
| Upside | -46.6% - -42.4% | -44.9% |
| 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 | (415) | 10 | 78 | 253 | 270 | 289 | 289 | |
| % Growth | NM | 109.4% | 655.1% | 222.7% | 6.8% | 7.1% | ||
| Payout Ratio | NM | 90.0% | 50.0% | 50.0% | 50.0% | 90.0% | 92.5% | |
| Projected Dividends | 54 | 54 | 39 | 126 | 135 | 260 | 267 | |
| % Growth | 0.0% | -27.9% | 222.7% | 6.8% | 92.7% | |||
| 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 | 331 | 289 | 157 | 78 | 54 | 78 | 54 | |
| % Growth | -13% | -46% | -50% | -31% | -31% | |||
| Net Income to Common | 1,503 | 1,110 | 340 | (302) | (415) | (302) | (415) | |
| % Growth | -26% | -69% | NM | NM | NM | |||
| Payout Ratio | 22% | 26% | 46% | -26% | -13% | -26% | -13% | |
| Retention Ratio | 78% | 74% | 54% | 126% | 113% | 126% | 113% | |
| Adjusted EBITDA | 3,273 | 2,735 | 2,282 | 2,145 | 2,185 | 2,145 | 2,185 | |
| % Growth | -16% | -17% | -6% | 2% | 2% | |||
| Total Debt | 16,942 | 20,575 | 20,764 | 23,166 | 21,028 | 23,166 | 21,028 | |
| Shareholder's Equity | 12,524 | 13,761 | 13,192 | 12,078 | 11,511 | 12,078 | 11,511 | |
| Debt / EBITDA | 5.2 | 7.5 | 9.1 | 10.8 | 9.6 | 9.4 | ||
| Debt / Equity | 135% | 150% | 157% | 192% | 183% | 192% | 183% | |
| 3-Yr Avg. Dividend Growth | -42.2% | |||||||
| 5-Yr Median Payout Ratio | 22.0% | |||||||