DDM Analysis: 002641.SZ

Valuation Snapshot

Stable Growth	$0.83 - $1.35	$1.06
Multi-Stage	$0.86 - $0.94	$0.90
Blended Fair Value	$0.98
Current Price	$4.25
Upside	-76.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.95%	4.78%	0.10	0.01	0.07	0.13	0.13	0.04	0.04	0.05	0.05	0.06
YoY Growth	-	-	614.40%	-80.82%	-42.03%	0.14%	239.13%	-10.66%	-10.14%	-11.35%	-11.05%	-6.58%
Dividend Yield	-	-	2.31%	0.26%	1.55%	2.51%	1.82%	0.68%	1.04%	1.15%	1.06%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.97
(-) Cash Dividends Paid (M)	2.63
(=) Cash Retained (M)	85.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.59	11.00	6.60
Cash Retained (M)	85.34	85.34	85.34
(-) Cash Required (M)	-17.59	-11.00	-6.60
(=) Excess Retained (M)	67.74	74.34	78.74
(/) Shares Outstanding (M)	1,217.34	1,217.34	1,217.34
(=) Excess Retained per Share	0.06	0.06	0.06
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.06	0.06	0.06
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	2.78%	3.78%	4.78%
Fair Value	$0.83	$1.06	$1.35
Upside / Downside	-80.55%	-75.05%	-68.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.97	91.30	94.75	98.33	102.04	105.90	109.08
Payout Ratio	2.99%	20.39%	37.80%	55.20%	72.60%	90.00%	92.50%
Projected Dividends (M)	2.63	18.62	35.81	54.27	74.08	95.31	100.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	2.78%	3.78%	4.78%
Year 1 PV (M)	16.77	16.93	17.09
Year 2 PV (M)	29.04	29.61	30.18
Year 3 PV (M)	39.64	40.81	42.00
Year 4 PV (M)	48.73	50.66	52.64
Year 5 PV (M)	56.46	59.26	62.17
PV of Terminal Value (M)	857.71	900.25	944.47
Equity Value (M)	1,048.36	1,097.53	1,148.57
Shares Outstanding (M)	1,217.34	1,217.34	1,217.34
Fair Value	$0.86	$0.90	$0.94
Upside / Downside	-79.74%	-78.79%	-77.80%

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Era Co., Ltd. (002641.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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