Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
21.92% |
| Profit Margins |
14.63% |
| Return on Equity |
8.87% |
| Return on Assets |
2.9% |
| Free Float |
0.23B |
| Dividend Yield |
3.21% |
| Short Int % Utilisation |
7.54% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
5.0% |
| Free Cash Flow |
-1.1B |
| EBITDA |
12.56 (Ratio) |
| Enterprise Value |
35.0B |
| EV/Revenue |
5.8 |
| EV/EBITDA |
12.56 |
Revenue growth of 5.0% suggests mature or challenged top-line momentum.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
22.71% |
| Risk / Std Dev (Ann.)* |
16.00% |
| 1-Year Price Return* |
20.97% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$84.03 |
| 52-Week Range |
$70.42 – $88.62 |
| Observation Count |
251 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in US$. Revenue and net income are income-statement flows; total assets and shareholders’ equity are year-end balance-sheet figures. This is a simplified year-end-balance DuPont comparison rather than an average-balance ROE calculation.
| DuPont component |
Calculation |
FY2025 |
FY2024 |
| Revenue |
Reported revenue |
$5.96B |
$5.85B |
| Net income |
Reported net income |
$855.60M |
$873.50M |
| Total assets |
Year-end reported balance |
$33.95B |
$32.28B |
| Shareholders’ equity |
Year-end reported balance |
$10.22B |
$9.96B |
| Net margin |
Net income ÷ revenue |
14.35% |
14.94% |
| Asset turnover |
Revenue ÷ total assets |
0.1756x |
0.1811x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
3.3213x |
3.2428x |
| ROE |
Net margin × asset turnover × equity multiplier |
8.37% |
8.77% |
Source: Yahoo Finance annual statements. Values are based on the two latest comparable annual periods returned by the source; fiscal period labels use the statement period-end year.
2.5 FCFF DCF Valuation
Valuation basis: This research model follows a five-year, unlevered FCFF DCF. It starts from reported annual operating inputs, forecasts revenue and operating cash conversion under an explicit mechanical policy, discounts FCFF at WACC, applies a Gordon-growth terminal value, and bridges enterprise value to an indicative common-equity value per share. It is an analytical estimate rather than a recommendation or personalised target price.
Step 1 — Forecast Operating Profit and NOPAT
| Reported operating input |
Value |
| Revenue |
$5.96B |
| Prior annual revenue |
$5.85B |
| EBIT |
$1.51B |
| Tax rate |
3.30% |
| NOPAT = EBIT × (1 − tax rate) |
$1.46B |
| Forecast start-growth basis |
1.95% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$1.46B |
| Add: depreciation & amortisation |
$1.22B |
| Less: capital expenditure |
-$2.80B |
| Less/(add): working-capital cash-flow movement |
-$119.30M |
| Current unlevered FCFF |
-$240.54M |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
1.95% |
$1.49B |
$1.24B |
-$2.85B |
-$121.63M |
-$245.24M |
-$238.18M |
| 2 |
2.09% |
$1.52B |
$1.27B |
-$2.50B |
-$124.18M |
$160.46M |
$146.99M |
| 3 |
2.23% |
$1.55B |
$1.30B |
-$2.14B |
-$126.94M |
$584.01M |
$504.65M |
| 4 |
2.36% |
$1.59B |
$1.33B |
-$1.76B |
-$129.94M |
$1.03B |
$837.66M |
| 5 |
2.50% |
$1.63B |
$1.36B |
-$1.36B |
-$133.19M |
$1.49B |
$1.15B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.52 |
| Cost of equity |
7.54% |
| Pre-tax cost of debt |
4.21% |
| WACC |
6.02% |
| WACC validation |
requires assumption review |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$43.55B |
| Implied terminal EV / EBITDA |
14.31x |
| Terminal value as % of enterprise value |
93.13% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$2.40B |
| Present value of terminal value |
$32.51B |
| Indicated enterprise value |
$34.91B |
| Discounting convention |
mid-year for explicit FCFF; terminal value discounted at year-end five |
Step 6 — Convert Enterprise Value to Equity Value
| Equity bridge |
Value |
| Indicated enterprise value |
$34.91B |
| Less: gross interest-bearing debt |
$15.20B |
| Add: cash and equivalents |
$19.80M |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
$46.50M |
| Indicated common equity value |
$19.69B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
233,600,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$83.94 |
| DCF indicative value per share |
$84.27 |
| Indicative value vs. market price |
0.39% |
Model Integrity Checks
| Check |
Result |
| Perpetuity growth is below the risk-free rate |
pass |
| Perpetuity growth is below WACC |
pass |
| WACC is within the configured operating-company range |
review required |
| Terminal-year FCFF is positive |
pass |
| Terminal capex converges to D&A |
pass |
| Terminal-value concentration |
review required |
| Implied price differs from spot by more than 30% |
within review band |
2.6 Investor-Style Research Screen
| Educational screen |
Result |
| Buffett-inspired cash-quality checks |
0/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
1/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:32:33.171251 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Default assumptions: five-year forecast, mid-year discounting for explicit FCFF, a maximum 2.50% perpetuity-growth rate below both WACC and the risk-free rate, historical operating-ratio persistence, and capex convergence to D&A by year five. No sell-side consensus or management guidance is substituted for reported inputs. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.
| Estimation input |
Value |
| Regional factor set |
US |
| Factor-return currency |
USD |
| Issuer-return basis |
USD adjusted total return |
| Estimation window |
2025-08-19 to 2026-06-30 |
| Aligned daily observations |
217 |
| Minimum observation requirement |
120 |
| Currency conversion for HK listings |
not required |
Fama–French Three-Factor and Five-Factor Results
| Diagnostic |
FF3 |
FF5 |
| Annualised alpha |
17.67% |
21.24% |
| Adjusted R² |
0.05 |
0.05 |
| Annualised residual volatility |
15.30% |
15.24% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.02 (0.17) |
0.08 (0.77) |
| Size (SMB) |
0.19 (1.57) |
0.19 (1.46) |
| Value (HML) |
0.28 (2.68) |
0.21 (1.65) |
| Profitability (RMW) |
NM |
0.11 (0.99) |
| Investment (CMA) |
NM |
0.11 (0.57) |
Definitions: Mkt-RF is the market return less the risk-free rate; SMB is small minus big; HML is high minus low book-to-market; RMW is robust minus weak profitability; CMA is conservative minus aggressive investment. Factor returns are sourced from the Kenneth R. French Data Library; issuer adjusted-return history is sourced from Yahoo Finance. For Hong Kong listings, adjusted HKD prices are converted into USD with daily USD/HKD closes before return calculation to match the USD regional factor basis. This is an in-sample historical regression; coefficients and t-statistics do not establish causation or predict future returns. This is research and analysis only, not personalized financial advice.