Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Nanjing Public Utilities Development Co., Ltd. (000421.SZ)

Company Dividend Discount ModelIndustry: RailroadsSector: Industrials

Valuation Snapshot

Stable Growth$20.70 - $60.91$57.08
Multi-Stage$8.68 - $9.48$9.07
Blended Fair Value$33.08
Current Price$6.26
Upside428.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.06%25.73%0.300.320.400.340.240.200.230.320.400.16
YoY Growth---4.42%-21.41%19.84%39.89%16.99%-10.35%-29.04%-20.06%154.22%418.29%
Dividend Yield--5.16%6.01%8.03%6.65%3.72%5.01%4.16%5.98%4.79%2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)176.24
(-) Cash Dividends Paid (M)161.60
(=) Cash Retained (M)14.64
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)35.2522.0313.22
Cash Retained (M)14.6414.6414.64
(-) Cash Required (M)-35.25-22.03-13.22
(=) Excess Retained (M)-20.61-7.391.42
(/) Shares Outstanding (M)575.42575.42575.42
(=) Excess Retained per Share-0.04-0.010.00
LTM Dividend per Share0.280.280.28
(+) Excess Retained per Share-0.04-0.010.00
(=) Adjusted Dividend0.250.270.28
WACC / Discount Rate6.75%6.75%6.75%
Growth Rate5.50%6.50%7.50%
Fair Value$20.70$57.08$60.91
Upside / Downside230.64%811.86%873.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)176.24187.69199.89212.89226.73241.46248.71
Payout Ratio91.69%91.35%91.02%90.68%90.34%90.00%92.50%
Projected Dividends (M)161.60171.47181.94193.04204.82217.32230.05

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.75%6.75%6.75%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)159.12160.63162.13
Year 2 PV (M)156.67159.66162.67
Year 3 PV (M)154.26158.69163.21
Year 4 PV (M)151.89157.73163.74
Year 5 PV (M)149.55156.77164.27
PV of Terminal Value (M)4,223.024,426.994,638.77
Equity Value (M)4,994.525,220.485,454.80
Shares Outstanding (M)575.42575.42575.42
Fair Value$8.68$9.07$9.48
Upside / Downside38.65%44.93%51.43%

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