Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Clenergy Technology Co., Ltd. (603628.SS)

Company Dividend Discount ModelIndustry: SolarSector: Energy

Valuation Snapshot

Stable Growth$16.92 - $67.66$45.50
Multi-Stage$8.28 - $9.06$8.66
Blended Fair Value$27.08
Current Price$13.23
Upside104.68%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS60.27%23.90%0.220.140.110.120.100.020.160.080.010.03
YoY Growth--50.31%29.62%-10.28%24.08%387.55%-87.53%113.45%1,010.46%-72.66%-0.28%
Dividend Yield--1.73%0.83%0.74%1.02%1.11%0.27%1.71%0.59%0.02%0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)91.56
(-) Cash Dividends Paid (M)39.56
(=) Cash Retained (M)51.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.3111.446.87
Cash Retained (M)51.9951.9951.99
(-) Cash Required (M)-18.31-11.44-6.87
(=) Excess Retained (M)33.6840.5545.13
(/) Shares Outstanding (M)269.11269.11269.11
(=) Excess Retained per Share0.130.150.17
LTM Dividend per Share0.150.150.15
(+) Excess Retained per Share0.130.150.17
(=) Adjusted Dividend0.270.300.31
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate5.50%6.50%7.50%
Fair Value$16.92$45.50$67.66
Upside / Downside27.91%243.88%411.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)91.5697.51103.85110.60117.79125.44129.21
Payout Ratio43.21%52.57%61.93%71.29%80.64%90.00%92.50%
Projected Dividends (M)39.5651.2664.3178.8494.99112.90119.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.20%7.20%7.20%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)47.3747.8248.27
Year 2 PV (M)54.9255.9757.02
Year 3 PV (M)62.2264.0065.82
Year 4 PV (M)69.2771.9374.67
Year 5 PV (M)76.0879.7683.57
PV of Terminal Value (M)1,919.122,011.812,108.05
Equity Value (M)2,228.982,331.292,437.41
Shares Outstanding (M)269.11269.11269.11
Fair Value$8.28$8.66$9.06
Upside / Downside-37.39%-34.52%-31.54%

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