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$15.06 - $67.49$26.35
Multi-Stage$44.24 - $48.83$46.49
Blended Fair Value$36.42
Current Price$28.10
Upside29.61%
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 Rate2.05%2.05%2.05%
Growth Rate-0.67%0.33%1.33%
Fair Value$15.06$26.35$67.49
Upside / Downside-46.40%-6.24%140.19%

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 Rate2.05%2.05%2.05%
Growth Rate-0.67%0.33%1.33%
Year 1 PV (M)20.0320.2320.43
Year 2 PV (M)29.4030.0030.60
Year 3 PV (M)38.2639.4340.62
Year 4 PV (M)46.6248.5350.49
Year 5 PV (M)54.5257.3260.23
PV of Terminal Value (M)5,771.286,067.696,376.16
Equity Value (M)5,960.116,263.196,578.53
Shares Outstanding (M)134.71134.71134.71
Fair Value$44.24$46.49$48.83
Upside / Downside57.45%65.45%73.78%

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