Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Roshow Technology Co., Ltd. (002617.SZ)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$24.06 - $28.34$26.56
Multi-Stage$16.02 - $17.58$16.79
Blended Fair Value$21.67
Current Price$9.28
Upside133.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-11.83%23.71%0.040.040.060.070.080.070.010.010.010.00
YoY Growth---8.60%-27.41%-9.56%-16.63%6.51%864.75%-33.33%27.50%860.56%-80.00%
Dividend Yield--0.51%0.76%0.66%0.60%1.13%1.50%0.16%0.12%0.09%0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)270.13
(-) Cash Dividends Paid (M)52.85
(=) Cash Retained (M)217.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)54.0333.7720.26
Cash Retained (M)217.28217.28217.28
(-) Cash Required (M)-54.03-33.77-20.26
(=) Excess Retained (M)163.25183.51197.02
(/) Shares Outstanding (M)1,895.471,895.471,895.47
(=) Excess Retained per Share0.090.100.10
LTM Dividend per Share0.030.030.03
(+) Excess Retained per Share0.090.100.10
(=) Adjusted Dividend0.110.120.13
WACC / Discount Rate2.69%2.69%2.69%
Growth Rate5.50%6.50%7.50%
Fair Value$24.06$26.56$28.34
Upside / Downside159.22%186.21%205.41%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)270.13287.68306.38326.30347.51370.10381.20
Payout Ratio19.56%33.65%47.74%61.83%75.91%90.00%92.50%
Projected Dividends (M)52.8596.81146.26201.74263.80333.09352.61

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate2.69%2.69%2.69%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)93.3894.2795.16
Year 2 PV (M)136.10138.69141.31
Year 3 PV (M)181.08186.27191.57
Year 4 PV (M)228.41237.19246.23
Year 5 PV (M)278.20291.63305.58
PV of Terminal Value (M)29,450.0730,872.5232,349.41
Equity Value (M)30,367.2331,820.5833,329.25
Shares Outstanding (M)1,895.471,895.471,895.47
Fair Value$16.02$16.79$17.58
Upside / Downside72.64%80.90%89.48%

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