Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jiangxi Ganneng Co., Ltd. (000899.SZ)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$163.52 - $192.66$180.55
Multi-Stage$52.35 - $57.37$54.82
Blended Fair Value$117.68
Current Price$9.19
Upside1,180.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.47%19.95%0.410.230.120.190.180.230.120.410.520.27
YoY Growth--80.88%83.05%-35.39%5.68%-20.41%94.20%-71.62%-20.09%91.18%307.07%
Dividend Yield--4.56%2.84%1.46%3.88%2.71%5.26%2.02%8.11%5.30%3.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)945.76
(-) Cash Dividends Paid (M)509.33
(=) Cash Retained (M)436.43
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)189.15118.2270.93
Cash Retained (M)436.43436.43436.43
(-) Cash Required (M)-189.15-118.22-70.93
(=) Excess Retained (M)247.28318.21365.50
(/) Shares Outstanding (M)976.27976.27976.27
(=) Excess Retained per Share0.250.330.37
LTM Dividend per Share0.520.520.52
(+) Excess Retained per Share0.250.330.37
(=) Adjusted Dividend0.770.850.90
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate5.50%6.50%7.50%
Fair Value$163.52$180.55$192.66
Upside / Downside1,679.36%1,864.63%1,996.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)945.761,007.231,072.701,142.431,216.681,295.771,334.64
Payout Ratio53.85%61.08%68.31%75.54%82.77%90.00%92.50%
Projected Dividends (M)509.33615.25732.79863.011,007.061,166.191,234.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)580.73586.24591.74
Year 2 PV (M)652.88665.31677.87
Year 3 PV (M)725.77746.60767.83
Year 4 PV (M)799.40830.14861.77
Year 5 PV (M)873.79916.00959.82
PV of Terminal Value (M)47,478.8149,772.0552,153.07
Equity Value (M)51,111.3853,516.3556,012.09
Shares Outstanding (M)976.27976.27976.27
Fair Value$52.35$54.82$57.37
Upside / Downside469.68%496.49%524.30%

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