DDM Analysis: 000534.SZ

Valuation Snapshot

Stable Growth	$74.40 - $87.65	$82.14
Multi-Stage	$20.67 - $22.66	$21.65
Blended Fair Value	$51.90
Current Price	$15.25
Upside	240.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.13%	0.68%	0.23	0.11	0.11	0.12	0.10	0.11	0.22	0.11	0.19	0.14
YoY Growth	-	-	102.65%	5.60%	-11.84%	18.42%	-1.31%	-52.75%	103.37%	-42.61%	36.62%	-35.61%
Dividend Yield	-	-	1.48%	0.93%	0.64%	0.92%	0.87%	1.11%	2.10%	0.84%	1.26%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	223.90
(-) Cash Dividends Paid (M)	56.53
(=) Cash Retained (M)	167.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.78	27.99	16.79
Cash Retained (M)	167.37	167.37	167.37
(-) Cash Required (M)	-44.78	-27.99	-16.79
(=) Excess Retained (M)	122.59	139.38	150.57
(/) Shares Outstanding (M)	507.99	507.99	507.99
(=) Excess Retained per Share	0.24	0.27	0.30
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.24	0.27	0.30
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$74.40	$82.14	$87.65
Upside / Downside	387.85%	438.65%	474.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	223.90	238.45	253.95	270.45	288.03	306.76	315.96
Payout Ratio	25.25%	38.20%	51.15%	64.10%	77.05%	90.00%	92.50%
Projected Dividends (M)	56.53	91.08	129.89	173.36	221.93	276.08	292.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	85.76	86.57	87.38
Year 2 PV (M)	115.15	117.34	119.56
Year 3 PV (M)	144.70	148.85	153.08
Year 4 PV (M)	174.41	181.12	188.01
Year 5 PV (M)	204.28	214.15	224.39
PV of Terminal Value (M)	9,777.69	10,249.96	10,740.30
Equity Value (M)	10,501.99	10,997.99	11,512.73
Shares Outstanding (M)	507.99	507.99	507.99
Fair Value	$20.67	$21.65	$22.66
Upside / Downside	35.56%	41.97%	48.61%

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Wedge Industrial Co.,Ltd. (000534.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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