Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

United Radiant Technology Corporation (5315.TWO)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$250.61 - $295.68$276.90
Multi-Stage$154.61 - $170.82$162.55
Blended Fair Value$219.73
Current Price$22.65
Upside870.10%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-11.31%0.00%0.791.791.290.810.791.450.000.000.000.00
YoY Growth---55.56%38.46%58.38%3.24%-45.45%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.40%9.73%5.68%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)171.31
(-) Cash Dividends Paid (M)85.08
(=) Cash Retained (M)86.23
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.2621.4112.85
Cash Retained (M)86.2386.2386.23
(-) Cash Required (M)-34.26-21.41-12.85
(=) Excess Retained (M)51.9764.8273.38
(/) Shares Outstanding (M)107.18107.18107.18
(=) Excess Retained per Share0.480.600.68
LTM Dividend per Share0.790.790.79
(+) Excess Retained per Share0.480.600.68
(=) Adjusted Dividend1.281.401.48
WACC / Discount Rate-1.55%-1.55%-1.55%
Growth Rate-2.00%-1.00%0.00%
Fair Value$250.61$276.90$295.68
Upside / Downside1,006.44%1,122.52%1,205.43%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)171.31169.60167.90166.22164.56162.91167.80
Payout Ratio49.66%57.73%65.80%73.87%81.93%90.00%92.50%
Projected Dividends (M)85.0897.91110.48122.78134.83146.62155.22

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate-1.55%-1.55%-1.55%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)98.4499.45100.45
Year 2 PV (M)111.68113.97116.29
Year 3 PV (M)124.80128.66132.60
Year 4 PV (M)137.79143.50149.39
Year 5 PV (M)150.66158.50166.67
PV of Terminal Value (M)15,948.7616,779.2517,643.98
Equity Value (M)16,572.1317,423.3318,309.37
Shares Outstanding (M)107.18107.18107.18
Fair Value$154.61$162.55$170.82
Upside / Downside582.62%617.68%654.18%

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