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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 12.3% - 12.8% | 12.5% |
| Discount Rate | 21.3% - 20.3% | 20.8% |
| Fair Value | $1.44 - $1.70 | $1.56 |
| Upside | -4.2% - 13.3% | 3.8% |
| 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 | 7,432 | 8,947 | 9,739 | 10,544 | 10,755 | 10,970 | 10,970 | |
| % Growth | 38.3% | 20.4% | 8.9% | 8.3% | 2.0% | 2.0% | ||
| Payout Ratio | 33.3% | 45.0% | 56.0% | 67.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 2,477 | 4,026 | 5,454 | 7,064 | 8,389 | 9,873 | 10,147 | |
| % Growth | 62.6% | 35.5% | 29.5% | 18.7% | 17.7% | |||
| 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 | 1,078 | 1,438 | 1,653 | 1,434 | 2,477 | 1,434 | 2,477 | |
| % Growth | 33% | 15% | -13% | 73% | 73% | |||
| Net Income to Common | 6,549 | 7,514 | 4,297 | 5,374 | 7,432 | 5,374 | 7,432 | |
| % Growth | 15% | -43% | 25% | 38% | 38% | |||
| Payout Ratio | 16% | 19% | 38% | 27% | 33% | 27% | 33% | |
| Retention Ratio | 84% | 81% | 62% | 73% | 67% | 73% | 67% | |
| Adjusted EBITDA | 19,290 | 14,760 | 12,444 | 19,102 | 27,610 | 19,102 | 27,610 | |
| % Growth | -23% | -16% | 54% | 45% | 45% | |||
| Total Debt | 99,886 | 114,566 | 117,070 | 130,763 | 128,829 | 130,763 | 128,829 | |
| Shareholder's Equity | 90,647 | 88,067 | 83,937 | 94,980 | 87,071 | 94,980 | 87,071 | |
| Debt / EBITDA | 5.2 | 7.8 | 9.4 | 6.8 | 4.7 | 3.6 | ||
| Debt / Equity | 110% | 130% | 139% | 138% | 148% | 138% | 148% | |
| 3-Yr Avg. Dividend Growth | 24.8% | |||||||
| 5-Yr Median Payout Ratio | 26.7% | |||||||