Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bank of Guiyang Co.,Ltd. (601997.SS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$15.72 - $25.91$20.24
Multi-Stage$28.47 - $31.29$29.85
Blended Fair Value$25.05
Current Price$5.76
Upside334.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-7.51%26.16%0.901.020.991.061.191.330.970.750.260.09
YoY Growth---11.73%2.28%-6.66%-10.48%-10.25%37.15%29.68%186.64%189.69%2.16%
Dividend Yield--15.23%18.62%18.04%16.74%14.58%17.30%10.14%7.26%2.08%1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5,108.39
(-) Cash Dividends Paid (M)2,036.42
(=) Cash Retained (M)3,071.98
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,021.68638.55383.13
Cash Retained (M)3,071.983,071.983,071.98
(-) Cash Required (M)-1,021.68-638.55-383.13
(=) Excess Retained (M)2,050.302,433.432,688.85
(/) Shares Outstanding (M)3,693.643,693.643,693.64
(=) Excess Retained per Share0.560.660.73
LTM Dividend per Share0.550.550.55
(+) Excess Retained per Share0.560.660.73
(=) Adjusted Dividend1.111.211.28
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-0.21%0.79%1.79%
Fair Value$15.72$20.24$25.91
Upside / Downside172.83%251.42%349.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5,108.395,148.695,189.295,230.225,271.485,313.055,472.44
Payout Ratio39.86%49.89%59.92%69.95%79.97%90.00%92.50%
Projected Dividends (M)2,036.422,568.753,109.353,658.314,215.754,781.755,062.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-0.21%0.79%1.79%
Year 1 PV (M)2,381.012,404.872,428.73
Year 2 PV (M)2,671.462,725.272,779.62
Year 3 PV (M)2,913.403,001.873,092.11
Year 4 PV (M)3,111.963,238.593,369.05
Year 5 PV (M)3,271.803,439.053,613.08
PV of Terminal Value (M)90,803.4195,445.30100,275.11
Equity Value (M)105,153.04110,254.95115,557.70
Shares Outstanding (M)3,693.643,693.643,693.64
Fair Value$28.47$29.85$31.29
Upside / Downside394.25%418.23%443.15%

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