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China Everbright Environment Group Limited (0257.HK)

Company Dividend Discount ModelIndustry: Waste ManagementSector: Industrials

Valuation Snapshot

Stable Growth$8.85 - $12.98$10.84
Multi-Stage$21.43 - $23.63$22.51
Blended Fair Value$16.67
Current Price$3.82
Upside336.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.52%11.66%0.220.230.300.350.270.250.180.180.140.09
YoY Growth---4.35%-23.33%-14.29%29.63%8.00%42.75%-4.00%28.19%55.99%25.00%
Dividend Yield--5.68%9.13%8.60%5.59%6.16%4.00%2.49%1.68%1.66%0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)7,228.19
(-) Cash Dividends Paid (M)2,582.48
(=) Cash Retained (M)4,645.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,445.64903.52542.11
Cash Retained (M)4,645.714,645.714,645.71
(-) Cash Required (M)-1,445.64-903.52-542.11
(=) Excess Retained (M)3,200.073,742.194,103.60
(/) Shares Outstanding (M)6,142.986,142.986,142.98
(=) Excess Retained per Share0.520.610.67
LTM Dividend per Share0.420.420.42
(+) Excess Retained per Share0.520.610.67
(=) Adjusted Dividend0.941.031.09
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate-3.60%-2.60%-1.60%
Fair Value$8.85$10.84$12.98
Upside / Downside131.66%183.68%239.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)7,228.197,039.996,856.706,678.186,504.306,334.966,525.01
Payout Ratio35.73%46.58%57.44%68.29%79.15%90.00%92.50%
Projected Dividends (M)2,582.483,279.393,938.264,560.605,147.875,701.466,035.63

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.65%6.65%6.65%
Growth Rate-3.60%-2.60%-1.60%
Year 1 PV (M)3,043.343,074.913,106.48
Year 2 PV (M)3,391.713,462.443,533.91
Year 3 PV (M)3,644.963,759.583,876.57
Year 4 PV (M)3,818.173,979.094,145.04
Year 5 PV (M)3,924.384,132.204,348.73
PV of Terminal Value (M)113,817.49119,844.87126,124.94
Equity Value (M)131,640.04138,253.08145,135.67
Shares Outstanding (M)6,142.986,142.986,142.98
Fair Value$21.43$22.51$23.63
Upside / Downside460.98%489.16%518.49%

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