DDM Analysis: 002922.SZ

Valuation Snapshot

Stable Growth	$112.82 - $132.92	$124.56
Multi-Stage	$77.43 - $84.96	$81.13
Blended Fair Value	$102.84
Current Price	$21.07
Upside	388.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.91%	-3.26%	0.38	0.26	0.18	0.13	0.09	0.07	0.08	0.02	0.17	0.08
YoY Growth	-	-	48.82%	43.23%	42.50%	42.33%	33.14%	-17.12%	368.56%	-90.00%	108.76%	-84.62%
Dividend Yield	-	-	2.06%	1.81%	1.08%	0.80%	1.04%	0.86%	0.75%	0.10%	1.63%	0.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	260.16
(-) Cash Dividends Paid (M)	137.09
(=) Cash Retained (M)	123.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.03	32.52	19.51
Cash Retained (M)	123.07	123.07	123.07
(-) Cash Required (M)	-52.03	-32.52	-19.51
(=) Excess Retained (M)	71.03	90.55	103.55
(/) Shares Outstanding (M)	389.26	389.26	389.26
(=) Excess Retained per Share	0.18	0.23	0.27
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.18	0.23	0.27
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$112.82	$124.56	$132.92
Upside / Downside	435.43%	491.18%	530.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	260.16	277.07	295.08	314.26	334.68	356.44	367.13
Payout Ratio	52.70%	60.16%	67.62%	75.08%	82.54%	90.00%	92.50%
Projected Dividends (M)	137.09	166.67	199.52	235.94	276.24	320.79	339.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	161.56	163.09	164.62
Year 2 PV (M)	187.47	191.04	194.64
Year 3 PV (M)	214.88	221.05	227.33
Year 4 PV (M)	243.87	253.25	262.89
Year 5 PV (M)	274.51	287.77	301.53
PV of Terminal Value (M)	29,059.77	30,463.37	31,920.69
Equity Value (M)	30,142.06	31,579.56	33,071.71
Shares Outstanding (M)	389.26	389.26	389.26
Fair Value	$77.43	$81.13	$84.96
Upside / Downside	267.51%	285.04%	303.23%

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Eaglerise Electric & Electronic (China) Co., Ltd (002922.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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