Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Runa Smart Equipment Co., Ltd. (301129.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$13.46 - $46.52$22.18
Multi-Stage$43.56 - $48.08$45.77
Blended Fair Value$33.98
Current Price$28.10
Upside20.91%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020201920182017
DPS1.33%0.00%0.170.450.380.000.010.160.030.020.000.00
YoY Growth---62.03%16.52%0.00%-100.00%-96.49%488.74%17.08%0.00%0.00%0.00%
Dividend Yield--0.81%2.31%0.86%0.00%0.02%0.44%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)69.32
(-) Cash Dividends Paid (M)10.13
(=) Cash Retained (M)59.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.868.665.20
Cash Retained (M)59.1959.1959.19
(-) Cash Required (M)-13.86-8.66-5.20
(=) Excess Retained (M)45.3350.5353.99
(/) Shares Outstanding (M)134.71134.71134.71
(=) Excess Retained per Share0.340.380.40
LTM Dividend per Share0.080.080.08
(+) Excess Retained per Share0.340.380.40
(=) Adjusted Dividend0.410.450.48
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-0.67%0.33%1.33%
Fair Value$13.46$22.18$46.52
Upside / Downside-52.08%-21.07%65.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)69.3269.5569.7870.0170.2570.4872.59
Payout Ratio14.61%29.69%44.76%59.84%74.92%90.00%92.50%
Projected Dividends (M)10.1320.6531.2441.9052.6363.4367.15

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.37%2.37%2.37%
Growth Rate-0.67%0.33%1.33%
Year 1 PV (M)19.9720.1720.37
Year 2 PV (M)29.2229.8130.40
Year 3 PV (M)37.9039.0540.23
Year 4 PV (M)46.0447.9249.86
Year 5 PV (M)53.6656.4259.29
PV of Terminal Value (M)5,681.025,972.796,276.44
Equity Value (M)5,867.816,166.176,476.59
Shares Outstanding (M)134.71134.71134.71
Fair Value$43.56$45.77$48.08
Upside / Downside55.01%62.89%71.09%

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