Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

China Datang Corporation Renewable Power Co., Limited (1798.HK)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$22.66 - $124.82$43.73
Multi-Stage$13.40 - $14.63$14.00
Blended Fair Value$28.87
Current Price$2.23
Upside1,194.51%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS52.52%49.30%0.170.050.030.030.030.020.020.010.020.02
YoY Growth--230.09%66.67%0.00%0.00%50.00%11.11%50.00%-36.18%17.90%431.60%
Dividend Yield--8.46%3.05%1.47%1.03%2.91%2.83%2.18%1.57%2.96%1.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,565.04
(-) Cash Dividends Paid (M)2,876.05
(=) Cash Retained (M)1,688.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)913.01570.63342.38
Cash Retained (M)1,688.991,688.991,688.99
(-) Cash Required (M)-913.01-570.63-342.38
(=) Excess Retained (M)775.981,118.361,346.61
(/) Shares Outstanding (M)7,273.707,273.707,273.70
(=) Excess Retained per Share0.110.150.19
LTM Dividend per Share0.400.400.40
(+) Excess Retained per Share0.110.150.19
(=) Adjusted Dividend0.500.550.58
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate5.50%6.50%7.50%
Fair Value$22.66$43.73$124.82
Upside / Downside916.25%1,861.05%5,497.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,565.044,861.775,177.785,514.345,872.776,254.506,442.14
Payout Ratio63.00%68.40%73.80%79.20%84.60%90.00%92.50%
Projected Dividends (M)2,876.053,325.523,821.264,367.394,968.395,629.055,958.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.84%7.84%7.84%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)3,054.873,083.823,112.78
Year 2 PV (M)3,224.583,286.003,348.00
Year 3 PV (M)3,385.503,482.693,581.72
Year 4 PV (M)3,537.933,673.993,813.94
Year 5 PV (M)3,682.163,860.014,044.67
PV of Terminal Value (M)80,580.4684,472.5288,513.55
Equity Value (M)97,465.51101,859.04106,414.65
Shares Outstanding (M)7,273.707,273.707,273.70
Fair Value$13.40$14.00$14.63
Upside / Downside500.88%527.97%556.06%

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