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PJSC Inter RAO UES (IRAO.ME)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$228.66 - $410.09$384.32
Multi-Stage$64.32 - $70.46$67.33
Blended Fair Value$225.82
Current Price$3.03
Upside7,352.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222020201920182017201620152014
DPS14.21%46.43%0.310.270.250.220.200.160.170.030.010.00
YoY Growth--12.89%10.22%10.71%13.59%24.20%-8.90%523.91%277.76%128.76%-52.52%
Dividend Yield--8.35%6.43%6.62%4.33%3.97%4.22%4.52%0.69%0.40%0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)145,477.00
(-) Cash Dividends Paid (M)27,804.00
(=) Cash Retained (M)117,673.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29,095.4018,184.6310,910.78
Cash Retained (M)117,673.00117,673.00117,673.00
(-) Cash Required (M)-29,095.40-18,184.63-10,910.78
(=) Excess Retained (M)88,577.6099,488.38106,762.23
(/) Shares Outstanding (M)70,549.4370,549.4370,549.43
(=) Excess Retained per Share1.261.411.51
LTM Dividend per Share0.390.390.39
(+) Excess Retained per Share1.261.411.51
(=) Adjusted Dividend1.651.801.91
WACC / Discount Rate6.26%6.26%6.26%
Growth Rate5.50%6.50%7.50%
Fair Value$228.66$384.32$410.09
Upside / Downside7,446.61%12,583.70%13,434.38%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)145,477.00154,933.01165,003.65175,728.89187,151.27199,316.10205,295.58
Payout Ratio19.11%33.29%47.47%61.64%75.82%90.00%92.50%
Projected Dividends (M)27,804.0051,576.9578,322.91108,327.93141,902.69179,384.49189,898.41

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.26%6.26%6.26%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)48,082.1848,537.9348,993.69
Year 2 PV (M)68,068.4469,364.9570,673.70
Year 3 PV (M)87,765.9390,285.3792,852.58
Year 4 PV (M)107,177.75111,299.50115,539.01
Year 5 PV (M)126,306.98132,407.66138,741.82
PV of Terminal Value (M)4,100,134.474,298,172.494,503,789.90
Equity Value (M)4,537,535.744,750,067.914,970,590.69
Shares Outstanding (M)70,549.4370,549.4370,549.43
Fair Value$64.32$67.33$70.46
Upside / Downside2,022.68%2,122.10%2,225.26%

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