Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Hangzhou Shunwang Technology Co,Ltd (300113.SZ)

Company Dividend Discount ModelIndustry: Electronic Gaming & MultimediaSector: Technology

Valuation Snapshot

Stable Growth$23.34 - $100.77$56.85
Multi-Stage$48.53 - $53.60$51.02
Blended Fair Value$53.93
Current Price$25.39
Upside112.42%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-12.82%0.75%0.080.070.070.080.190.160.210.120.110.04
YoY Growth--14.29%-1.62%-11.87%-57.34%19.14%-22.34%68.40%8.31%162.07%-42.37%
Dividend Yield--0.41%0.57%0.46%0.63%1.50%0.75%1.16%0.54%0.44%0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)363.47
(-) Cash Dividends Paid (M)60.67
(=) Cash Retained (M)302.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)72.6945.4327.26
Cash Retained (M)302.80302.80302.80
(-) Cash Required (M)-72.69-45.43-27.26
(=) Excess Retained (M)230.10257.36275.54
(/) Shares Outstanding (M)672.26672.26672.26
(=) Excess Retained per Share0.340.380.41
LTM Dividend per Share0.090.090.09
(+) Excess Retained per Share0.340.380.41
(=) Adjusted Dividend0.430.470.50
WACC / Discount Rate0.58%0.58%0.58%
Growth Rate-1.25%-0.25%0.75%
Fair Value$23.34$56.85$100.77
Upside / Downside-8.08%123.91%296.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)363.47362.56361.65360.74359.84358.93369.70
Payout Ratio16.69%31.35%46.02%60.68%75.34%90.00%92.50%
Projected Dividends (M)60.67113.68166.42218.89271.10323.04341.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate0.58%0.58%0.58%
Growth Rate-1.25%-0.25%0.75%
Year 1 PV (M)111.89113.02114.16
Year 2 PV (M)161.22164.50167.82
Year 3 PV (M)208.72215.13221.66
Year 4 PV (M)254.44264.91275.69
Year 5 PV (M)298.43313.85329.90
PV of Terminal Value (M)31,591.7433,224.0734,923.18
Equity Value (M)32,626.4534,295.4836,032.40
Shares Outstanding (M)672.26672.26672.26
Fair Value$48.53$51.02$53.60
Upside / Downside91.15%100.93%111.10%

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