Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Fujian Funeng Co., Ltd. (600483.SS)

Company Dividend Discount ModelIndustry: Diversified UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$26.55 - $74.92$41.36
Multi-Stage$17.60 - $19.25$18.41
Blended Fair Value$29.89
Current Price$9.83
Upside204.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS11.45%11.08%0.470.500.360.400.300.270.290.220.220.24
YoY Growth---5.99%39.39%-9.99%31.30%11.02%-5.68%32.46%-1.15%-6.04%43.32%
Dividend Yield--5.10%4.77%3.81%4.67%4.09%4.33%3.77%3.71%2.57%2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,008.96
(-) Cash Dividends Paid (M)340.46
(=) Cash Retained (M)2,668.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)601.79376.12225.67
Cash Retained (M)2,668.502,668.502,668.50
(-) Cash Required (M)-601.79-376.12-225.67
(=) Excess Retained (M)2,066.712,292.382,442.83
(/) Shares Outstanding (M)2,785.582,785.582,785.58
(=) Excess Retained per Share0.740.820.88
LTM Dividend per Share0.120.120.12
(+) Excess Retained per Share0.740.820.88
(=) Adjusted Dividend0.860.951.00
WACC / Discount Rate8.93%8.93%8.93%
Growth Rate5.50%6.50%7.50%
Fair Value$26.55$41.36$74.92
Upside / Downside170.11%320.78%662.19%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,008.963,204.543,412.843,634.673,870.924,122.544,246.21
Payout Ratio11.31%27.05%42.79%58.53%74.26%90.00%92.50%
Projected Dividends (M)340.46866.891,460.322,127.232,874.663,710.283,927.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.93%8.93%8.93%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)788.33795.80803.27
Year 2 PV (M)1,207.621,230.621,253.84
Year 3 PV (M)1,599.691,645.611,692.41
Year 4 PV (M)1,965.852,041.452,119.21
Year 5 PV (M)2,307.342,418.782,534.49
PV of Terminal Value (M)41,164.9543,153.2345,217.61
Equity Value (M)49,033.7751,285.5053,620.83
Shares Outstanding (M)2,785.582,785.582,785.58
Fair Value$17.60$18.41$19.25
Upside / Downside79.07%87.29%95.82%

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