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Definitive Analysis

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Page: Dividend Discount Model

S.A.S. Dragon Holdings Limited

Ticker: 1184.HK | Industry: Technology Distributors | Sector: Technology
$4.54 -0.06 (-1.30%)
As of: 2026-01-23

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Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$11.35 - $16.25$13.62
Multi-Stage DDM$9.09 - $9.98$9.53
Blended Fair Value$11.57
Stock Price$4.51

Dividend History (Last 10 Years)

Metric2024202320222021202020192018201720162015
DPS0.4000.3500.4000.3150.2150.2000.2020.1630.0800.115
YoY %14.29%-12.50%26.98%46.51%7.50%-0.99%23.96%103.70%-30.43%-25.38%
Yield8.869%7.761%8.869%6.984%4.767%4.435%4.479%3.613%1.774%2.550%

CAGRValue
5 Year14.87%
10 Year10.01%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth-0.15% to 1.85%0.85%
WACC9.00%9.00%
Fair Value$11.35 - $16.25$13.62

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income501.24501.24501.24
(=) Cash Required100.2562.6537.59
Cash Retained501.24501.24501.24
(-) Cash Required-100.25-62.65-37.59
(=) Excess Retained400.99438.58463.64
(/) Shares Outstanding625,837,000625,837,000625,837,000
(=) Excess Retained per Share0.640.700.74
LTM Dividend per Share0.4000.4000.400
(+) Excess Retained per Share0.640.700.74
(=) Adjusted Dividend1.0411.1011.141

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income501.24505.49509.77514.09518.45522.84
Payout Ratio49.9%25.0%41.0%57.0%73.0%90.0%
Projected Dividends250.34126.37209.01293.03378.47470.56

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV119.84121.04122.24
Year 2 PV180.04183.66187.32
Year 3 PV229.28236.24243.33
Year 4 PV268.98279.92291.19
Year 5 PV303.78319.30335.44
TV PV4,588.304,822.715,066.61
Equity Value5,690.215,962.876,246.14
Fair Value$9.09$9.53$9.98
Stock Price$4.51$4.51$4.51

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