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$110.26 - $393.59$358.20
Multi-Stage$49.02 - $53.69$51.31
Blended Fair Value$204.76
Current Price$28.92
Upside608.01%
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 Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Fair Value$110.26$358.20$393.59
Upside / Downside281.27%1,138.59%1,260.96%

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 Rate7.01%7.01%7.01%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)317.69320.70323.71
Year 2 PV (M)548.79559.24569.79
Year 3 PV (M)773.28795.48818.10
Year 4 PV (M)991.311,029.431,068.64
Year 5 PV (M)1,203.011,261.111,321.44
PV of Terminal Value (M)31,720.0333,252.1234,842.85
Equity Value (M)35,554.1037,218.0838,944.53
Shares Outstanding (M)725.31725.31725.31
Fair Value$49.02$51.31$53.69
Upside / Downside69.50%77.43%85.66%

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