Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Company Industry Sector

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Industry

Sector

Zhejiang Xinzhonggang Thermal Power Co., Ltd. (605162.SS)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$2.90 - $4.30$3.57
Multi-Stage$5.45 - $5.99$5.71
Blended Fair Value$4.64
Current Price$8.77
Upside-47.07%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-1.55%0.00%0.180.150.350.020.220.200.050.210.200.00
YoY Growth--18.95%-56.79%1,803.39%-91.46%10.66%303.27%-76.32%5.08%0.00%0.00%
Dividend Yield--2.39%1.92%4.08%0.18%2.48%2.24%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)148.79
(-) Cash Dividends Paid (M)74.77
(=) Cash Retained (M)74.02
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.7618.6011.16
Cash Retained (M)74.0274.0274.02
(-) Cash Required (M)-29.76-18.60-11.16
(=) Excess Retained (M)44.2655.4262.86
(/) Shares Outstanding (M)408.40408.40408.40
(=) Excess Retained per Share0.110.140.15
LTM Dividend per Share0.180.180.18
(+) Excess Retained per Share0.110.140.15
(=) Adjusted Dividend0.290.320.34
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate-2.00%-1.00%0.00%
Fair Value$2.90$3.57$4.30
Upside / Downside-66.89%-59.28%-50.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)148.79147.30145.83144.37142.93141.50145.74
Payout Ratio50.25%58.20%66.15%74.10%82.05%90.00%92.50%
Projected Dividends (M)74.7785.7396.47106.98117.27127.35134.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)78.7079.5080.31
Year 2 PV (M)81.2982.9684.64
Year 3 PV (M)82.7585.3187.92
Year 4 PV (M)83.2786.7290.28
Year 5 PV (M)83.0087.3391.83
PV of Terminal Value (M)1,816.461,911.042,009.53
Equity Value (M)2,225.472,332.862,444.50
Shares Outstanding (M)408.40408.40408.40
Fair Value$5.45$5.71$5.99
Upside / Downside-37.87%-34.87%-31.75%

High-Yield Dividend Screener

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