Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Inner Mongolia Yitai Coal Co., Ltd. (3948.HK)

Company Dividend Discount ModelIndustry: CoalSector: Energy

Valuation Snapshot

Stable Growth$319.73 - $531.56$498.15
Multi-Stage$85.16 - $93.28$89.15
Blended Fair Value$293.65
Current Price$15.93
Upside1,743.35%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2022202120202019201820172016201520142013
DPS9.26%3.01%1.230.700.931.171.100.790.600.800.740.90
YoY Growth--75.56%-25.11%-20.03%5.79%39.98%32.04%-25.08%7.92%-17.86%-1.50%
Dividend Yield--8.91%9.43%23.30%22.59%18.74%10.26%9.23%20.61%12.11%11.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)8,691.28
(-) Cash Dividends Paid (M)2,113.62
(=) Cash Retained (M)6,577.66
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,738.261,086.41651.85
Cash Retained (M)6,577.666,577.666,577.66
(-) Cash Required (M)-1,738.26-1,086.41-651.85
(=) Excess Retained (M)4,839.415,491.255,925.82
(/) Shares Outstanding (M)3,251.733,251.733,251.73
(=) Excess Retained per Share1.491.691.82
LTM Dividend per Share0.650.650.65
(+) Excess Retained per Share1.491.691.82
(=) Adjusted Dividend2.142.342.47
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate5.50%6.50%7.50%
Fair Value$319.73$498.15$531.56
Upside / Downside1,907.07%3,027.10%3,236.83%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)8,691.289,256.229,857.8710,498.6311,181.0411,907.8112,265.04
Payout Ratio24.32%37.46%50.59%63.73%76.86%90.00%92.50%
Projected Dividends (M)2,113.623,466.924,987.236,690.528,594.1710,717.0311,345.17

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,233.703,264.353,295.00
Year 2 PV (M)4,338.814,421.454,504.87
Year 3 PV (M)5,429.085,584.935,743.74
Year 4 PV (M)6,504.696,754.847,012.14
Year 5 PV (M)7,565.767,931.198,310.60
PV of Terminal Value (M)249,853.16261,921.16274,451.03
Equity Value (M)276,925.19289,877.92303,317.38
Shares Outstanding (M)3,251.733,251.733,251.73
Fair Value$85.16$89.15$93.28
Upside / Downside434.60%459.61%485.55%

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