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Today, let's talk about Gree Electric's dividend yield and valuation calculation.
1. Dividend yield
Dividends for the last five years:
In 2019, a dividend per share was 21 yuan;
Dividend per share in 2020 is 22 yuan;
Dividend per share in 2021 is 30 yuan;
Dividend per share in 2022 is 30 yuan;
Dividend per share in 2023 is 20 yuan;
How much will the dividend per share be in 2024?The current ** price per share is 40 yuan, and what is the dividend yield?
A conservative assumption of a dividend per share is 2$0, then the current dividend yield = 20/40 = 5.00%；
Neutral assumes a dividend of 2$5, then the current dividend yield = 25/40 = 6.25%；
Optimistic assumption of a dividend of 3. per share$0, then the current dividend yield = 30/40 = 7.50%。
In 2023, the total operating income will be 205 billion to 210 billion yuan, a year-on-year increase of 781%-10.44%；The net profit attributable to the parent company was 270-29.3 billion yuan, a year-on-year increase of 1017%-19.56%；The net profit after deducting non-attributable to the parent company was 26.1-27.8 billion yuan, a year-on-year increase of 881%-15.90%。
Revenue, net profit attributable to the parent company and net profit deducted from non-attributable to the parent company all hit the highest value since the establishment of the company.
Under the ZC of guaranteed delivery of buildings, the growth rate of completions is expected to continue to recover, off-plan housing has been delivered, and household air conditioners and other household appliances that are biased towards the TOC mode in the post-cycle are expected to usher in a sustained recovery in 2024 and beyond.
At least in the short and medium term, the performance of Gree Electric will continue, and the dividends may not become stingy.
Since its listing, Gree Electric has implemented a cumulative cash dividend ratio of 5033%。
The net profit attributable to the parent company in 2023 is 281500 million yuan, according to 50The 33% dividend ratio is calculated, and the cash distribution is 14.2 billion yuan.
The total share capital currently entitled to profit distribution rights is 5,613,841,613 shares, so a dividend of 253 yuan.
Overall, Gree Electric has a high probability of paying a dividend of 2 per share in 2024$5, the current dividend yield is 625%。
2. Valuation calculation
Gree Electric is an extremely excellent home appliance company. However, no matter how good an asset is, it should have a reasonable value.
DCF absolute valuation method: If the net cash flow from operating activities in 2022 is used as the benchmark, in view of the fact that the ceiling of the air conditioning industry is far from reaching, it is conservative to assume that the sustainable growth rate of Gree Electric in 2023 and beyond = 0% (simplified to a one-stage model), WACC discount rate = 8% (that is, the required return on capital), based on the DCF absolute valuation method, the reasonable market value is 44261.2 billion yuan, with an intrinsic value of 78 yuan per share.
Only if you buy it cheaply and safely enough, you won't put yourself in a passive position!
Of course, be prepared for the safe position in your heart, when Mr. Market is crazy and indiscriminately killed, you have the courage to reach out and pick it up, otherwise the difference between you and the market public is in **?
In March 2022, it was once ** to 26 yuan, with a dividend of 2 yuan per share and a dividend yield of 77%；Dividend per share is 2$5, dividend yield 96%；Dividend per share is 30 yuan, dividend yield 115%。But how many people took it?
Finally, conclude this article with the "Mr. Graham Market Theory"!
Every day Mr. Market will surely come up with a ** that he is happy to buy yours or sell him to you**. Mr. Market's mood is very unstable, and on some days Mr. Market is very lively, only to see the good days in front of him, at this time Mr. Market will quote a very high **. On other days, Mr. Market was quite frustrated, only seeing the difficulties in front of him, and the ** reported was very low. In addition, Mr. Market has a very cute feature, he doesn't mind being left out in the cold, and if what Mr. Market says is ignored, he will come back tomorrow and propose his new **.
Mr. Market is useful to us in his pocket, not his intelligence, and if Mr. Market doesn't seem normal, you can ignore him or take advantage of his weakness. But if you are completely controlled by him, the consequences will be self-evident. 」
Well, the information on the dividend yield and valuation calculation of Gree Electric Appliances is compiled and shared here, and the latest developments will continue to be tracked in the later stage.
Good luck everyday! Gree Electric
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Remember! All statements in this article are for discussion purposes only and should not be used as the basis for any investment decisions. It is only a collation and sharing of information, not a stock recommendation! **There are risks, and investment needs to be cautious! If you trade exactly according to the ideas provided in this article, you do so at your own risk!