DDM Analysis: 688677.SS

Valuation Snapshot

Stable Growth	$60.93 - $231.33	$177.32
Multi-Stage	$29.15 - $31.86	$30.48
Blended Fair Value	$103.90
Current Price	$39.01
Upside	166.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.65%	28.03%	0.56	0.58	0.30	0.30	0.02	0.28	0.29	0.00	0.03	0.04
YoY Growth	-	-	-4.23%	91.32%	1.41%	1,800.29%	-94.39%	-1.77%	0.00%	-100.00%	-27.11%	-13.06%
Dividend Yield	-	-	1.48%	1.07%	0.42%	0.59%	0.03%	0.70%	0.00%	0.00%	0.07%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	139.24
(-) Cash Dividends Paid (M)	73.22
(=) Cash Retained (M)	66.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.85	17.41	10.44
Cash Retained (M)	66.03	66.03	66.03
(-) Cash Required (M)	-27.85	-17.41	-10.44
(=) Excess Retained (M)	38.18	48.62	55.58
(/) Shares Outstanding (M)	119.71	119.71	119.71
(=) Excess Retained per Share	0.32	0.41	0.46
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.32	0.41	0.46
(=) Adjusted Dividend	0.93	1.02	1.08
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.93	$177.32	$231.33
Upside / Downside	56.19%	354.54%	493.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.24	148.29	157.93	168.20	179.13	190.78	196.50
Payout Ratio	52.58%	60.06%	67.55%	75.03%	82.52%	90.00%	92.50%
Projected Dividends (M)	73.22	89.07	106.68	126.20	147.81	171.70	181.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	82.38	83.16	83.94
Year 2 PV (M)	91.25	92.99	94.74
Year 3 PV (M)	99.83	102.70	105.62
Year 4 PV (M)	108.14	112.30	116.57
Year 5 PV (M)	116.17	121.78	127.61
PV of Terminal Value (M)	2,991.28	3,135.76	3,285.77
Equity Value (M)	3,489.05	3,648.69	3,814.26
Shares Outstanding (M)	119.71	119.71	119.71
Fair Value	$29.15	$30.48	$31.86
Upside / Downside	-25.28%	-21.87%	-18.32%

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Qingdao NovelBeam Technology Co.,Ltd. (688677.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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