DDM Analysis: 003028.SZ

Valuation Snapshot

Stable Growth	$11.07 - $16.98	$13.83
Multi-Stage	$23.96 - $26.38	$25.14
Blended Fair Value	$19.49
Current Price	$32.60
Upside	-40.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.99%	0.00%	0.42	0.28	0.28	0.28	0.78	0.52	0.20	1.01	0.59	0.00
YoY Growth	-	-	51.28%	-0.51%	1.64%	-64.29%	49.33%	164.33%	-80.59%	70.98%	0.00%	0.00%
Dividend Yield	-	-	1.16%	0.95%	0.77%	1.07%	2.43%	2.16%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	145.18
(-) Cash Dividends Paid (M)	51.22
(=) Cash Retained (M)	93.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.04	18.15	10.89
Cash Retained (M)	93.96	93.96	93.96
(-) Cash Required (M)	-29.04	-18.15	-10.89
(=) Excess Retained (M)	64.92	75.81	83.07
(/) Shares Outstanding (M)	118.49	118.49	118.49
(=) Excess Retained per Share	0.55	0.64	0.70
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.55	0.64	0.70
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.07	$13.83	$16.98
Upside / Downside	-66.03%	-57.58%	-47.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	145.18	143.73	142.29	140.87	139.46	138.06	142.20
Payout Ratio	35.28%	46.22%	57.17%	68.11%	79.06%	90.00%	92.50%
Projected Dividends (M)	51.22	66.44	81.34	95.95	110.25	124.26	131.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	61.65	62.28	62.91
Year 2 PV (M)	70.04	71.48	72.93
Year 3 PV (M)	76.67	79.04	81.46
Year 4 PV (M)	81.75	85.14	88.63
Year 5 PV (M)	85.50	89.95	94.59
PV of Terminal Value (M)	2,462.80	2,591.05	2,724.58
Equity Value (M)	2,838.41	2,978.93	3,125.09
Shares Outstanding (M)	118.49	118.49	118.49
Fair Value	$23.96	$25.14	$26.38
Upside / Downside	-26.52%	-22.88%	-19.09%

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Genbyte Technology Inc. (003028.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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