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China Communications Construction Company Limited (601800.SS)

Company Dividend Discount ModelIndustry: Engineering & ConstructionSector: Industrials

Valuation Snapshot

Stable Growth$24.01 - $54.14$34.83
Multi-Stage$32.82 - $35.97$34.37
Blended Fair Value$34.60
Current Price$8.74
Upside295.88%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.11%-7.08%0.440.220.200.180.230.390.341.101.041.09
YoY Growth--100.69%6.56%12.62%-22.33%-40.66%14.14%-68.60%4.97%-3.86%19.51%
Dividend Yield--4.76%2.46%1.93%1.91%3.28%4.75%2.71%8.52%5.83%8.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)19,900.45
(-) Cash Dividends Paid (M)15,288.82
(=) Cash Retained (M)4,611.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,980.092,487.561,492.53
Cash Retained (M)4,611.634,611.634,611.63
(-) Cash Required (M)-3,980.09-2,487.56-1,492.53
(=) Excess Retained (M)631.542,124.073,119.09
(/) Shares Outstanding (M)16,164.9616,164.9616,164.96
(=) Excess Retained per Share0.040.130.19
LTM Dividend per Share0.950.950.95
(+) Excess Retained per Share0.040.130.19
(=) Adjusted Dividend0.981.081.14
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate2.21%3.21%4.21%
Fair Value$24.01$34.83$54.14
Upside / Downside174.76%298.53%519.46%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)19,900.4520,539.1421,198.3421,878.6922,580.8723,305.6024,004.76
Payout Ratio76.83%79.46%82.10%84.73%87.37%90.00%92.50%
Projected Dividends (M)15,288.8216,320.6517,402.9718,537.9519,727.8520,975.0422,204.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.40%6.40%6.40%
Growth Rate2.21%3.21%4.21%
Year 1 PV (M)15,190.1515,338.7715,487.39
Year 2 PV (M)15,075.5315,371.9715,671.29
Year 3 PV (M)14,946.3615,389.3715,841.04
Year 4 PV (M)14,803.9715,391.8915,997.14
Year 5 PV (M)14,649.6015,380.4116,140.10
PV of Terminal Value (M)455,949.09478,694.47502,338.67
Equity Value (M)530,614.71555,566.87581,475.63
Shares Outstanding (M)16,164.9616,164.9616,164.96
Fair Value$32.82$34.37$35.97
Upside / Downside275.57%293.23%311.57%

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