Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Company Industry Sector

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Industry

Sector

Zhejiang Zheneng Electric Power Co., Ltd. (600023.SS)

Company Dividend Discount ModelIndustry: Independent Power ProducersSector: Utilities

Valuation Snapshot

Stable Growth$9.41 - $19.12$13.16
Multi-Stage$9.59 - $10.51$10.04
Blended Fair Value$11.60
Current Price$4.95
Upside134.33%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.17%1.87%0.360.110.100.310.290.290.280.330.380.39
YoY Growth--211.70%8.60%-66.40%6.46%1.31%3.99%-16.67%-12.20%-1.22%30.52%
Dividend Yield--6.23%1.73%2.93%9.21%7.39%8.54%5.60%6.03%6.68%6.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,282.81
(-) Cash Dividends Paid (M)940.31
(=) Cash Retained (M)6,342.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,456.56910.35546.21
Cash Retained (M)6,342.506,342.506,342.50
(-) Cash Required (M)-1,456.56-910.35-546.21
(=) Excess Retained (M)4,885.945,432.155,796.29
(/) Shares Outstanding (M)13,411.8613,411.8613,411.86
(=) Excess Retained per Share0.360.410.43
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.360.410.43
(=) Adjusted Dividend0.430.480.50
WACC / Discount Rate8.02%8.02%8.02%
Growth Rate3.26%4.26%5.26%
Fair Value$9.41$13.16$19.12
Upside / Downside90.18%165.80%286.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,282.817,593.047,916.488,253.718,605.298,971.869,241.01
Payout Ratio12.91%28.33%43.75%59.16%74.58%90.00%92.50%
Projected Dividends (M)940.312,151.043,463.214,883.276,418.028,074.678,547.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.02%8.02%8.02%
Growth Rate3.26%4.26%5.26%
Year 1 PV (M)1,972.141,991.242,010.34
Year 2 PV (M)2,911.122,967.783,024.98
Year 3 PV (M)3,763.423,873.823,986.36
Year 4 PV (M)4,534.874,713.114,896.55
Year 5 PV (M)5,230.935,489.185,757.52
PV of Terminal Value (M)110,203.66115,644.26121,297.64
Equity Value (M)128,616.15134,679.39140,973.39
Shares Outstanding (M)13,411.8613,411.8613,411.86
Fair Value$9.59$10.04$10.51
Upside / Downside93.73%102.86%112.35%

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