Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Guangdong Real-Design Intelligent Technology Co., Ltd (301135.SZ)

Company Dividend Discount ModelIndustry: SemiconductorsSector: Technology

Valuation Snapshot

Stable Growth$11.69 - $53.33$20.52
Multi-Stage$10.05 - $10.99$10.51
Blended Fair Value$15.51
Current Price$28.38
Upside-45.33%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.41%4.65%0.300.340.290.250.260.200.210.190.170.08
YoY Growth---10.07%15.53%17.33%-3.66%27.53%-2.95%7.26%10.89%114.52%-57.50%
Dividend Yield--1.19%1.51%1.11%0.74%0.77%0.60%0.00%0.00%0.52%0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)39.90
(-) Cash Dividends Paid (M)30.46
(=) Cash Retained (M)9.44
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.984.992.99
Cash Retained (M)9.449.449.44
(-) Cash Required (M)-7.98-4.99-2.99
(=) Excess Retained (M)1.464.456.45
(/) Shares Outstanding (M)105.33105.33105.33
(=) Excess Retained per Share0.010.040.06
LTM Dividend per Share0.290.290.29
(+) Excess Retained per Share0.010.040.06
(=) Adjusted Dividend0.300.330.35
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate4.01%5.01%6.01%
Fair Value$11.69$20.52$53.33
Upside / Downside-58.81%-27.71%87.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)39.9041.9044.0046.2148.5250.9552.48
Payout Ratio76.35%79.08%81.81%84.54%87.27%90.00%92.50%
Projected Dividends (M)30.4633.1436.0039.0642.3445.8648.54

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.71%6.71%6.71%
Growth Rate4.01%5.01%6.01%
Year 1 PV (M)30.7631.0531.35
Year 2 PV (M)31.0131.6132.22
Year 3 PV (M)31.2432.1533.08
Year 4 PV (M)31.4332.6633.92
Year 5 PV (M)31.6033.1534.76
PV of Terminal Value (M)902.37946.59992.53
Equity Value (M)1,058.421,107.221,157.85
Shares Outstanding (M)105.33105.33105.33
Fair Value$10.05$10.51$10.99
Upside / Downside-64.59%-62.96%-61.27%

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