Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Beijing United Information Technology Co.,Ltd. (603613.SS)

Company Dividend Discount ModelIndustry: Information Technology ServicesSector: Technology

Valuation Snapshot

Stable Growth$40.15 - $91.11$58.36
Multi-Stage$28.18 - $30.81$29.47
Blended Fair Value$43.92
Current Price$28.92
Upside51.86%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS77.87%0.00%0.260.160.080.040.020.010.010.020.000.00
YoY Growth--64.56%94.14%85.64%93.33%55.29%33.86%-48.05%2,151.22%223.20%0.00%
Dividend Yield--0.97%0.66%0.14%0.08%0.05%0.06%0.22%0.42%0.02%0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,435.44
(-) Cash Dividends Paid (M)79.84
(=) Cash Retained (M)1,355.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)287.09179.43107.66
Cash Retained (M)1,355.601,355.601,355.60
(-) Cash Required (M)-287.09-179.43-107.66
(=) Excess Retained (M)1,068.511,176.171,247.94
(/) Shares Outstanding (M)725.31725.31725.31
(=) Excess Retained per Share1.471.621.72
LTM Dividend per Share0.110.110.11
(+) Excess Retained per Share1.471.621.72
(=) Adjusted Dividend1.581.731.83
WACC / Discount Rate9.66%9.66%9.66%
Growth Rate5.50%6.50%7.50%
Fair Value$40.15$58.36$91.11
Upside / Downside38.84%101.81%215.05%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,435.441,528.741,628.111,733.941,846.641,966.672,025.67
Payout Ratio5.56%22.45%39.34%56.22%73.11%90.00%92.50%
Projected Dividends (M)79.84343.19640.45974.901,350.121,770.011,873.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.66%9.66%9.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)310.02312.96315.90
Year 2 PV (M)522.63532.59542.63
Year 3 PV (M)718.66739.29760.31
Year 4 PV (M)899.07933.65969.21
Year 5 PV (M)1,064.751,116.181,169.58
PV of Terminal Value (M)16,924.5717,742.0318,590.78
Equity Value (M)20,439.7121,376.7022,348.42
Shares Outstanding (M)725.31725.31725.31
Fair Value$28.18$29.47$30.81
Upside / Downside-2.56%1.91%6.54%

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