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Shaanxi Energy Investment (001286.SZ)

Company Dividend Discount ModelIndustry: CoalSector: Energy

Valuation Snapshot

Stable Growth$7.51 - $11.72$9.45
Multi-Stage$18.08 - $19.89$18.97
Blended Fair Value$14.21
Current Price$8.94
Upside58.95%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%0.410.350.110.000.000.000.000.000.000.00
YoY Growth--17.14%228.13%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--4.46%3.58%0.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,928.11
(-) Cash Dividends Paid (M)1,876.51
(=) Cash Retained (M)1,051.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)585.62366.01219.61
Cash Retained (M)1,051.601,051.601,051.60
(-) Cash Required (M)-585.62-366.01-219.61
(=) Excess Retained (M)465.98685.59831.99
(/) Shares Outstanding (M)3,725.103,725.103,725.10
(=) Excess Retained per Share0.130.180.22
LTM Dividend per Share0.500.500.50
(+) Excess Retained per Share0.130.180.22
(=) Adjusted Dividend0.630.690.73
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate-2.00%-1.00%0.00%
Fair Value$7.51$9.45$11.72
Upside / Downside-15.99%5.71%31.07%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,928.112,898.832,869.842,841.152,812.732,784.612,868.14
Payout Ratio64.09%69.27%74.45%79.63%84.82%90.00%92.50%
Projected Dividends (M)1,876.512,007.992,136.642,262.532,385.682,506.152,653.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.21%6.21%6.21%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)1,871.571,890.671,909.77
Year 2 PV (M)1,856.201,894.271,932.73
Year 3 PV (M)1,832.021,888.681,946.49
Year 4 PV (M)1,800.511,875.131,952.05
Year 5 PV (M)1,762.931,854.731,950.31
PV of Terminal Value (M)58,228.7761,260.8764,418.00
Equity Value (M)67,352.0070,664.3674,109.36
Shares Outstanding (M)3,725.103,725.103,725.10
Fair Value$18.08$18.97$19.89
Upside / Downside102.24%112.19%122.53%

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