Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

United Strength Power Holdings Limited (2337.HK)

Company Dividend Discount ModelIndustry: Oil & Gas Refining & MarketingSector: Energy

Valuation Snapshot

Stable Growth$42.17 - $49.69$46.57
Multi-Stage$10.99 - $12.05$11.51
Blended Fair Value$29.04
Current Price$1.61
Upside1,703.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS9.39%16.30%0.070.000.020.040.050.050.030.000.000.01
YoY Growth--0.00%-100.00%-51.43%-5.73%2.23%78.20%0.00%-100.00%-61.24%-57.32%
Dividend Yield--5.11%0.00%0.30%0.39%0.63%0.83%0.68%0.00%0.10%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)93.57
(-) Cash Dividends Paid (M)27.36
(=) Cash Retained (M)66.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)18.7111.707.02
Cash Retained (M)66.2166.2166.21
(-) Cash Required (M)-18.71-11.70-7.02
(=) Excess Retained (M)47.5054.5259.20
(/) Shares Outstanding (M)374.50374.50374.50
(=) Excess Retained per Share0.130.150.16
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share0.130.150.16
(=) Adjusted Dividend0.200.220.23
WACC / Discount Rate5.36%5.36%5.36%
Growth Rate5.50%6.50%7.50%
Fair Value$42.17$46.57$49.69
Upside / Downside2,519.54%2,792.28%2,986.26%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)93.5799.65106.13113.03120.37128.20132.04
Payout Ratio29.24%41.39%53.54%65.69%77.85%90.00%92.50%
Projected Dividends (M)27.3641.2456.8274.2593.71115.38122.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.36%5.36%5.36%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)38.7839.1539.51
Year 2 PV (M)50.2351.1952.16
Year 3 PV (M)61.7263.4965.30
Year 4 PV (M)73.2476.0578.95
Year 5 PV (M)84.7988.8893.13
PV of Terminal Value (M)3,808.473,992.424,183.41
Equity Value (M)4,117.224,311.184,512.46
Shares Outstanding (M)374.50374.50374.50
Fair Value$10.99$11.51$12.05
Upside / Downside582.85%615.02%648.40%

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