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Runner (Xiamen) Corp. (603408.SS)

Company Dividend Discount ModelIndustry: Industrial - Pollution & Treatment ControlsSector: Industrials

Valuation Snapshot

Stable Growth$61.88 - $194.85$182.60
Multi-Stage$26.84 - $29.33$28.06
Blended Fair Value$105.33
Current Price$12.27
Upside758.47%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS16.41%0.00%0.690.510.430.410.370.320.290.590.350.00
YoY Growth--35.23%18.48%3.98%11.78%14.77%10.49%-50.61%67.28%0.00%0.00%
Dividend Yield--5.11%3.60%3.54%3.35%2.29%1.43%1.30%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)433.84
(-) Cash Dividends Paid (M)333.33
(=) Cash Retained (M)100.51
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)86.7754.2332.54
Cash Retained (M)100.51100.51100.51
(-) Cash Required (M)-86.77-54.23-32.54
(=) Excess Retained (M)13.7446.2867.97
(/) Shares Outstanding (M)442.80442.80442.80
(=) Excess Retained per Share0.030.100.15
LTM Dividend per Share0.750.750.75
(+) Excess Retained per Share0.030.100.15
(=) Adjusted Dividend0.780.860.91
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Fair Value$61.88$182.60$194.85
Upside / Downside404.33%1,388.22%1,488.03%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)433.84462.04492.08524.06558.12594.40612.23
Payout Ratio76.83%79.47%82.10%84.73%87.37%90.00%92.50%
Projected Dividends (M)333.33367.17403.99444.05487.61534.96566.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.84%6.84%6.84%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)340.45343.67346.90
Year 2 PV (M)347.33353.94360.62
Year 3 PV (M)353.99364.15374.50
Year 4 PV (M)360.42374.28388.54
Year 5 PV (M)366.64384.35402.74
PV of Terminal Value (M)10,117.2910,605.9611,113.33
Equity Value (M)11,886.1112,426.3612,986.63
Shares Outstanding (M)442.80442.80442.80
Fair Value$26.84$28.06$29.33
Upside / Downside118.77%128.71%139.02%

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