Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujian Mindong Electric Power Limited Company (000993.SZ)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$3.34 - $4.98$4.12
Multi-Stage$5.95 - $6.55$6.25
Blended Fair Value$5.18
Current Price$9.85
Upside-47.40%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.63%0.10%0.210.030.040.080.110.120.120.150.120.00
YoY Growth--723.39%-36.77%-51.87%-26.79%-5.51%1.00%-21.73%27.40%0.00%-100.00%
Dividend Yield--2.33%0.25%0.40%0.73%1.59%1.85%1.42%1.86%0.82%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)206.37
(-) Cash Dividends Paid (M)10.19
(=) Cash Retained (M)196.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)41.2725.8015.48
Cash Retained (M)196.18196.18196.18
(-) Cash Required (M)-41.27-25.80-15.48
(=) Excess Retained (M)154.91170.38180.70
(/) Shares Outstanding (M)509.87509.87509.87
(=) Excess Retained per Share0.300.330.35
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.300.330.35
(=) Adjusted Dividend0.320.350.37
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-1.81%-0.81%0.19%
Fair Value$3.34$4.12$4.98
Upside / Downside-66.14%-58.20%-49.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)206.37204.71203.06201.42199.80198.19204.14
Payout Ratio4.94%21.95%38.96%55.98%72.99%90.00%92.50%
Projected Dividends (M)10.1944.9479.12112.75145.83178.37188.82

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.73%7.73%7.73%
Growth Rate-1.81%-0.81%0.19%
Year 1 PV (M)41.2941.7142.13
Year 2 PV (M)66.8168.1869.56
Year 3 PV (M)87.4890.1892.94
Year 4 PV (M)103.98108.28112.71
Year 5 PV (M)116.87122.94129.26
PV of Terminal Value (M)2,617.062,753.062,894.66
Equity Value (M)3,033.493,184.363,341.27
Shares Outstanding (M)509.87509.87509.87
Fair Value$5.95$6.25$6.55
Upside / Downside-39.60%-36.59%-33.47%

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