Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen KSTAR Science and Technology Co., Ltd. (002518.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$139.95 - $164.89$154.52
Multi-Stage$95.96 - $105.31$100.55
Blended Fair Value$127.54
Current Price$41.29
Upside208.88%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS17.45%28.93%0.450.350.250.200.200.200.200.160.130.07
YoY Growth--29.20%37.67%25.46%-0.93%1.10%0.98%28.97%20.80%71.48%110.50%
Dividend Yield--1.77%1.41%0.54%1.09%1.57%1.74%1.51%0.95%0.86%0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)483.17
(-) Cash Dividends Paid (M)134.87
(=) Cash Retained (M)348.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)96.6360.4036.24
Cash Retained (M)348.30348.30348.30
(-) Cash Required (M)-96.63-60.40-36.24
(=) Excess Retained (M)251.67287.91312.07
(/) Shares Outstanding (M)582.76582.76582.76
(=) Excess Retained per Share0.430.490.54
LTM Dividend per Share0.230.230.23
(+) Excess Retained per Share0.430.490.54
(=) Adjusted Dividend0.660.730.77
WACC / Discount Rate2.12%2.12%2.12%
Growth Rate5.50%6.50%7.50%
Fair Value$139.95$154.52$164.89
Upside / Downside238.95%274.24%299.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)483.17514.58548.02583.65621.58661.99681.85
Payout Ratio27.91%40.33%52.75%65.17%77.58%90.00%92.50%
Projected Dividends (M)134.87207.53289.07380.33482.24595.79630.71

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.12%2.12%2.12%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)201.31203.21205.12
Year 2 PV (M)271.99277.17282.40
Year 3 PV (M)347.12357.09367.24
Year 4 PV (M)426.93443.35460.24
Year 5 PV (M)511.63536.34562.00
PV of Terminal Value (M)54,161.9856,778.0259,494.19
Equity Value (M)55,920.9658,595.1961,371.19
Shares Outstanding (M)582.76582.76582.76
Fair Value$95.96$100.55$105.31
Upside / Downside132.40%143.52%155.05%

High-Yield Dividend Screener

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