Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Risuntek Inc. (002981.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$73.91 - $201.59$188.92
Multi-Stage$28.17 - $30.84$29.48
Blended Fair Value$109.20
Current Price$31.05
Upside251.69%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS22.15%0.00%0.290.150.050.070.080.110.140.030.000.00
YoY Growth--89.84%183.98%-26.88%-9.40%-23.85%-23.24%326.75%0.00%0.00%0.00%
Dividend Yield--1.29%0.66%0.26%0.47%0.42%0.60%0.78%0.18%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)136.15
(-) Cash Dividends Paid (M)36.97
(=) Cash Retained (M)99.18
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)27.2317.0210.21
Cash Retained (M)99.1899.1899.18
(-) Cash Required (M)-27.23-17.02-10.21
(=) Excess Retained (M)71.9582.1688.97
(/) Shares Outstanding (M)134.31134.31134.31
(=) Excess Retained per Share0.540.610.66
LTM Dividend per Share0.280.280.28
(+) Excess Retained per Share0.540.610.66
(=) Adjusted Dividend0.810.890.94
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Fair Value$73.91$188.92$201.59
Upside / Downside138.03%508.44%549.25%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)136.15144.99154.42164.46175.15186.53192.13
Payout Ratio27.15%39.72%52.29%64.86%77.43%90.00%92.50%
Projected Dividends (M)36.9757.6080.75106.67135.62167.88177.72

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.66%6.66%6.66%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)53.4954.0054.51
Year 2 PV (M)69.6670.9872.32
Year 3 PV (M)85.4687.9290.41
Year 4 PV (M)100.92104.80108.79
Year 5 PV (M)116.02121.63127.45
PV of Terminal Value (M)3,358.103,520.303,688.71
Equity Value (M)3,783.663,959.634,142.19
Shares Outstanding (M)134.31134.31134.31
Fair Value$28.17$29.48$30.84
Upside / Downside-9.27%-5.05%-0.68%

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