Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Company Industry Sector

Ticker

Industry

Sector

Fujian Expressway Development Co.,Ltd (600033.SS)

Company Dividend Discount ModelIndustry: Industrial - Infrastructure OperationsSector: Industrials

Valuation Snapshot

Stable Growth$2.15 - $3.11$2.62
Multi-Stage$3.21 - $3.52$3.36
Blended Fair Value$2.99
Current Price$3.36
Upside-11.09%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.11%-3.57%0.180.150.150.100.110.260.210.250.210.26
YoY Growth--21.16%0.00%50.00%-10.02%-57.71%25.19%-16.74%22.04%-19.62%-1.66%
Dividend Yield--4.72%4.49%5.15%3.44%4.09%9.63%6.05%7.20%5.37%7.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)809.15
(-) Cash Dividends Paid (M)222.80
(=) Cash Retained (M)586.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)161.83101.1460.69
Cash Retained (M)586.35586.35586.35
(-) Cash Required (M)-161.83-101.14-60.69
(=) Excess Retained (M)424.52485.21525.67
(/) Shares Outstanding (M)2,744.402,744.402,744.40
(=) Excess Retained per Share0.150.180.19
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.150.180.19
(=) Adjusted Dividend0.240.260.27
WACC / Discount Rate9.61%9.61%9.61%
Growth Rate-1.23%-0.23%0.77%
Fair Value$2.15$2.62$3.11
Upside / Downside-36.04%-22.15%-7.47%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)809.15807.28805.42803.56801.70799.85823.85
Payout Ratio27.53%40.03%52.52%65.01%77.51%90.00%92.50%
Projected Dividends (M)222.80323.14423.01522.43621.38719.87762.06

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.61%9.61%9.61%
Growth Rate-1.23%-0.23%0.77%
Year 1 PV (M)291.85294.81297.76
Year 2 PV (M)345.07352.10359.19
Year 3 PV (M)384.91396.72408.77
Year 4 PV (M)413.50430.50448.02
Year 5 PV (M)432.66455.01478.28
PV of Terminal Value (M)6,930.407,288.417,661.07
Equity Value (M)8,798.399,217.559,653.09
Shares Outstanding (M)2,744.402,744.402,744.40
Fair Value$3.21$3.36$3.52
Upside / Downside-4.58%-0.04%4.68%

High-Yield Dividend Screener

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