Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

ENN Energy Holdings Limited (2688.HK)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$342.99 - $1,715.83$613.03
Multi-Stage$211.62 - $231.11$221.18
Blended Fair Value$417.11
Current Price$57.19
Upside629.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS20.72%21.96%2.692.662.372.531.541.050.850.690.630.63
YoY Growth--1.28%12.04%-6.01%64.46%46.17%23.53%22.84%9.93%-0.56%71.26%
Dividend Yield--5.14%5.11%2.45%2.11%1.60%1.38%1.40%1.45%2.21%1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)11,899.00
(-) Cash Dividends Paid (M)5,992.00
(=) Cash Retained (M)5,907.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,379.801,487.38892.43
Cash Retained (M)5,907.005,907.005,907.00
(-) Cash Required (M)-2,379.80-1,487.38-892.43
(=) Excess Retained (M)3,527.204,419.635,014.58
(/) Shares Outstanding (M)1,119.211,119.211,119.21
(=) Excess Retained per Share3.153.954.48
LTM Dividend per Share5.355.355.35
(+) Excess Retained per Share3.153.954.48
(=) Adjusted Dividend8.519.309.83
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate5.50%6.50%7.50%
Fair Value$342.99$613.03$1,715.83
Upside / Downside499.74%971.92%2,900.23%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)11,899.0012,672.4413,496.1414,373.3915,307.6616,302.6616,791.74
Payout Ratio50.36%58.29%66.21%74.14%82.07%90.00%92.50%
Projected Dividends (M)5,992.007,386.228,936.3810,656.8512,563.2214,672.4015,532.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.12%8.12%8.12%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)6,767.606,831.756,895.90
Year 2 PV (M)7,502.167,645.057,789.30
Year 3 PV (M)8,197.208,432.528,672.29
Year 4 PV (M)8,854.229,194.739,544.96
Year 5 PV (M)9,474.649,932.2710,407.41
PV of Terminal Value (M)196,045.60205,514.68215,346.16
Equity Value (M)236,841.42247,550.99258,656.01
Shares Outstanding (M)1,119.211,119.211,119.21
Fair Value$211.62$221.18$231.11
Upside / Downside270.02%286.75%304.10%

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