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Jointo Energy Investment Co., Ltd. Hebei (000600.SZ)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$11.02 - $18.46$14.29
Multi-Stage$22.29 - $24.52$23.38
Blended Fair Value$18.83
Current Price$7.39
Upside154.87%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.52%-1.35%0.500.420.430.520.460.460.440.670.720.56
YoY Growth--19.51%-3.95%-17.30%13.34%0.23%5.91%-34.58%-7.81%29.33%-2.01%
Dividend Yield--8.69%6.18%8.46%12.78%7.10%10.60%5.37%9.22%8.05%6.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,678.06
(-) Cash Dividends Paid (M)769.15
(=) Cash Retained (M)908.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)335.61209.76125.85
Cash Retained (M)908.91908.91908.91
(-) Cash Required (M)-335.61-209.76-125.85
(=) Excess Retained (M)573.30699.15783.06
(/) Shares Outstanding (M)1,794.201,794.201,794.20
(=) Excess Retained per Share0.320.390.44
LTM Dividend per Share0.430.430.43
(+) Excess Retained per Share0.320.390.44
(=) Adjusted Dividend0.750.820.87
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate-0.48%0.52%1.52%
Fair Value$11.02$14.29$18.46
Upside / Downside49.09%93.31%149.76%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,678.061,686.841,695.661,704.541,713.451,722.421,774.09
Payout Ratio45.84%54.67%63.50%72.33%81.17%90.00%92.50%
Projected Dividends (M)769.15922.171,076.771,232.961,390.761,550.181,641.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.28%6.28%6.28%
Growth Rate-0.48%0.52%1.52%
Year 1 PV (M)859.03867.66876.30
Year 2 PV (M)934.38953.25972.31
Year 3 PV (M)996.661,027.011,057.96
Year 4 PV (M)1,047.251,089.981,134.00
Year 5 PV (M)1,087.371,143.111,201.11
PV of Terminal Value (M)35,075.9136,873.8838,744.83
Equity Value (M)40,000.6041,954.8843,986.51
Shares Outstanding (M)1,794.201,794.201,794.20
Fair Value$22.29$23.38$24.52
Upside / Downside201.68%216.42%231.75%

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