Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Risuntek Inc. (002981.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$171.11 - $201.59$188.92
Multi-Stage$116.89 - $128.29$122.48
Blended Fair Value$155.70
Current Price$31.05
Upside401.45%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.15%0.00%0.290.150.050.070.080.110.140.030.000.00
YoY Growth--89.84%183.98%-26.88%-9.40%-23.85%-23.24%326.75%0.00%0.00%0.00%
Dividend Yield--1.29%0.66%0.26%0.47%0.42%0.60%0.78%0.18%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)136.15
(-) Cash Dividends Paid (M)36.97
(=) Cash Retained (M)99.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.2317.0210.21
Cash Retained (M)99.1899.1899.18
(-) Cash Required (M)-27.23-17.02-10.21
(=) Excess Retained (M)71.9582.1688.97
(/) Shares Outstanding (M)134.31134.31134.31
(=) Excess Retained per Share0.540.610.66
LTM Dividend per Share0.280.280.28
(+) Excess Retained per Share0.540.610.66
(=) Adjusted Dividend0.810.890.94
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Fair Value$171.11$188.92$201.59
Upside / Downside451.06%508.44%549.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)136.15144.99154.42164.46175.15186.53192.13
Payout Ratio27.15%39.72%52.29%64.86%77.43%90.00%92.50%
Projected Dividends (M)36.9757.6080.75106.67135.62167.88177.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.20%2.20%2.20%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)55.8356.3656.89
Year 2 PV (M)75.8777.3278.77
Year 3 PV (M)97.1599.94102.78
Year 4 PV (M)119.72124.33129.06
Year 5 PV (M)143.66150.59157.80
PV of Terminal Value (M)15,207.6115,942.1516,704.79
Equity Value (M)15,699.8416,450.6817,230.10
Shares Outstanding (M)134.31134.31134.31
Fair Value$116.89$122.48$128.29
Upside / Downside276.46%294.47%313.16%

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