Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Kingnet Network Co., Ltd. (002517.SZ)

Company Dividend Discount ModelIndustry: Electronic Gaming & MultimediaSector: Technology

Valuation Snapshot

Stable Growth$152.01 - $179.10$167.84
Multi-Stage$112.52 - $123.51$117.91
Blended Fair Value$142.88
Current Price$28.08
Upside408.82%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS150.22%83.51%0.200.130.000.000.000.000.130.070.000.00
YoY Growth--54.67%0.00%0.00%0.00%-100.00%-98.47%88.34%0.00%0.00%-100.00%
Dividend Yield--1.23%1.10%0.00%0.00%0.00%0.07%2.73%0.61%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,931.89
(-) Cash Dividends Paid (M)213.64
(=) Cash Retained (M)1,718.25
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)386.38241.49144.89
Cash Retained (M)1,718.251,718.251,718.25
(-) Cash Required (M)-386.38-241.49-144.89
(=) Excess Retained (M)1,331.871,476.761,573.36
(/) Shares Outstanding (M)2,145.212,145.212,145.21
(=) Excess Retained per Share0.620.690.73
LTM Dividend per Share0.100.100.10
(+) Excess Retained per Share0.620.690.73
(=) Adjusted Dividend0.720.790.83
WACC / Discount Rate0.50%0.50%0.50%
Growth Rate5.50%6.50%7.50%
Fair Value$152.01$167.84$179.10
Upside / Downside441.36%497.73%537.82%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,931.892,057.462,191.202,333.632,485.312,646.862,726.26
Payout Ratio11.06%26.85%42.64%58.42%74.21%90.00%92.50%
Projected Dividends (M)213.64552.37934.221,363.391,844.392,382.172,521.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.50%0.50%0.50%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)544.47549.63554.79
Year 2 PV (M)907.70924.99942.45
Year 3 PV (M)1,305.751,343.231,381.43
Year 4 PV (M)1,741.171,808.131,877.00
Year 5 PV (M)2,216.702,323.772,434.93
PV of Terminal Value (M)234,662.27245,996.55257,764.61
Equity Value (M)241,378.06252,946.30264,955.21
Shares Outstanding (M)2,145.212,145.212,145.21
Fair Value$112.52$117.91$123.51
Upside / Downside300.71%319.91%339.85%

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