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GD Power Development Co.,Ltd (600795.SS)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$5.03 - $8.51$6.55
Multi-Stage$9.81 - $10.76$10.28
Blended Fair Value$8.41
Current Price$4.98
Upside68.92%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.44%-0.85%0.590.600.490.050.600.600.790.530.520.65
YoY Growth---0.91%22.03%940.45%-92.21%-0.23%-23.24%49.40%0.91%-19.41%0.63%
Dividend Yield--13.28%12.02%12.83%1.86%26.27%29.70%28.77%17.76%15.98%20.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,416.99
(-) Cash Dividends Paid (M)6,833.39
(=) Cash Retained (M)583.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,483.40927.12556.27
Cash Retained (M)583.60583.60583.60
(-) Cash Required (M)-1,483.40-927.12-556.27
(=) Excess Retained (M)-899.80-343.5227.33
(/) Shares Outstanding (M)17,835.6217,835.6217,835.62
(=) Excess Retained per Share-0.05-0.020.00
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share-0.05-0.020.00
(=) Adjusted Dividend0.330.360.38
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-0.11%0.89%1.89%
Fair Value$5.03$6.55$8.51
Upside / Downside1.03%31.52%70.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,416.997,482.647,548.877,615.697,683.107,751.107,983.63
Payout Ratio92.13%91.71%91.28%90.85%90.43%90.00%92.50%
Projected Dividends (M)6,833.396,861.976,890.536,919.056,947.546,975.997,384.86

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate-0.11%0.89%1.89%
Year 1 PV (M)6,379.916,443.786,507.65
Year 2 PV (M)5,956.396,076.256,197.30
Year 3 PV (M)5,560.865,729.565,901.63
Year 4 PV (M)5,191.495,402.535,619.94
Year 5 PV (M)4,846.545,094.055,351.57
PV of Terminal Value (M)147,011.74154,519.61162,331.14
Equity Value (M)174,946.92183,265.77191,909.24
Shares Outstanding (M)17,835.6217,835.6217,835.62
Fair Value$9.81$10.28$10.76
Upside / Downside96.96%106.33%116.06%

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