DDM Analysis: 002896.SZ

Valuation Snapshot

Stable Growth	$15.04 - $83.29	$28.91
Multi-Stage	$9.51 - $10.40	$9.95
Blended Fair Value	$19.43
Current Price	$96.53
Upside	-79.87%
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	-5.15%	4.37%	0.08	0.08	0.21	0.22	0.09	0.11	0.12	0.04	0.04	0.05
YoY Growth	-	-	0.73%	-59.77%	-3.35%	152.59%	-22.39%	-6.56%	229.46%	-12.23%	-25.94%	-0.21%
Dividend Yield	-	-	0.13%	0.31%	1.01%	1.89%	0.81%	1.22%	0.73%	0.19%	0.53%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.82
(-) Cash Dividends Paid (M)	41.12
(=) Cash Retained (M)	31.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.56	9.10	5.46
Cash Retained (M)	31.70	31.70	31.70
(-) Cash Required (M)	-14.56	-9.10	-5.46
(=) Excess Retained (M)	17.13	22.60	26.24
(/) Shares Outstanding (M)	173.28	173.28	173.28
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.12%	6.12%	7.12%
Fair Value	$15.04	$28.91	$83.29
Upside / Downside	-84.42%	-70.05%	-13.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.82	77.28	82.01	87.04	92.37	98.02	100.96
Payout Ratio	56.47%	63.18%	69.88%	76.59%	83.29%	90.00%	92.50%
Projected Dividends (M)	41.12	48.82	57.31	66.66	76.94	88.22	93.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	5.12%	6.12%	7.12%
Year 1 PV (M)	45.00	45.43	45.86
Year 2 PV (M)	48.69	49.62	50.56
Year 3 PV (M)	52.19	53.70	55.23
Year 4 PV (M)	55.52	57.67	59.87
Year 5 PV (M)	58.68	61.53	64.48
PV of Terminal Value (M)	1,388.57	1,455.89	1,525.79
Equity Value (M)	1,648.66	1,723.83	1,801.78
Shares Outstanding (M)	173.28	173.28	173.28
Fair Value	$9.51	$9.95	$10.40
Upside / Downside	-90.14%	-89.69%	-89.23%

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Ningbo ZhongDa Leader Intelligent Transmission Co., Ltd. (002896.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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