DDM Analysis: 002975.SZ

Valuation Snapshot

Stable Growth	$6.30 - $9.17	$7.69
Multi-Stage	$10.59 - $11.65	$11.11
Blended Fair Value	$9.40
Current Price	$60.32
Upside	-84.42%
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	-9.37%	0.00%	0.05	0.02	0.34	0.68	0.34	0.08	0.02	0.35	0.00	0.00
YoY Growth	-	-	152.61%	-94.41%	-50.47%	102.70%	331.65%	401.66%	-95.53%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.14%	0.05%	0.79%	1.57%	0.40%	0.13%	0.06%	1.40%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	126.44
(-) Cash Dividends Paid (M)	25.49
(=) Cash Retained (M)	100.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.29	15.81	9.48
Cash Retained (M)	100.96	100.96	100.96
(-) Cash Required (M)	-25.29	-15.81	-9.48
(=) Excess Retained (M)	75.67	85.15	91.47
(/) Shares Outstanding (M)	149.18	149.18	149.18
(=) Excess Retained per Share	0.51	0.57	0.61
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.51	0.57	0.61
(=) Adjusted Dividend	0.68	0.74	0.78
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.30	$7.69	$9.17
Upside / Downside	-89.56%	-87.26%	-84.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	126.44	125.18	123.93	122.69	121.46	120.24	123.85
Payout Ratio	20.16%	34.13%	48.09%	62.06%	76.03%	90.00%	92.50%
Projected Dividends (M)	25.49	42.72	59.60	76.14	92.35	108.22	114.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	38.95	39.35	39.75
Year 2 PV (M)	49.56	50.58	51.61
Year 3 PV (M)	57.74	59.53	61.35
Year 4 PV (M)	63.86	66.51	69.24
Year 5 PV (M)	68.25	71.80	75.50
PV of Terminal Value (M)	1,301.69	1,369.48	1,440.05
Equity Value (M)	1,580.07	1,657.25	1,737.51
Shares Outstanding (M)	149.18	149.18	149.18
Fair Value	$10.59	$11.11	$11.65
Upside / Downside	-82.44%	-81.58%	-80.69%

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Zhuhai Bojay Electronics Co.,Ltd. (002975.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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