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Definitive Analysis

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New China Life Insurance Company Ltd. (601336.SS)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$841.01 - $2,448.25$2,294.37
Multi-Stage$333.74 - $365.39$349.28
Blended Fair Value$1,321.82
Current Price$61.16
Upside2,061.26%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS14.36%14.61%1.511.351.621.391.410.770.570.690.580.51
YoY Growth--11.17%-16.54%16.81%-1.43%83.14%33.97%-16.21%17.97%13.52%32.95%
Dividend Yield--2.92%4.44%5.32%3.93%2.90%1.93%1.03%1.49%1.38%1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)38,406.00
(-) Cash Dividends Paid (M)9,032.00
(=) Cash Retained (M)29,374.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,681.204,800.752,880.45
Cash Retained (M)29,374.0029,374.0029,374.00
(-) Cash Required (M)-7,681.20-4,800.75-2,880.45
(=) Excess Retained (M)21,692.8024,573.2526,493.55
(/) Shares Outstanding (M)3,119.773,119.773,119.77
(=) Excess Retained per Share6.957.888.49
LTM Dividend per Share2.902.902.90
(+) Excess Retained per Share6.957.888.49
(=) Adjusted Dividend9.8510.7711.39
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate5.50%6.50%7.50%
Fair Value$841.01$2,294.37$2,448.25
Upside / Downside1,275.10%3,651.42%3,903.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)38,406.0040,902.3943,561.0546,392.5149,408.0352,619.5554,198.13
Payout Ratio23.52%36.81%50.11%63.41%76.70%90.00%92.50%
Projected Dividends (M)9,032.0015,057.6921,828.5729,416.0437,897.6547,357.5950,133.27

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.74%6.74%6.74%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13,975.0314,107.4914,239.96
Year 2 PV (M)18,802.4219,160.5519,522.07
Year 3 PV (M)23,516.1924,191.2524,879.12
Year 4 PV (M)28,118.3229,199.6730,311.91
Year 5 PV (M)32,610.7634,185.8735,821.27
PV of Terminal Value (M)924,180.94968,819.221,015,165.92
Equity Value (M)1,041,203.651,089,664.061,139,940.24
Shares Outstanding (M)3,119.773,119.773,119.77
Fair Value$333.74$349.28$365.39
Upside / Downside445.69%471.09%497.44%

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