DDM Analysis: 301129.SZ

Valuation Snapshot

Stable Growth	$13.46 - $46.52	$22.18
Multi-Stage	$43.56 - $48.08	$45.77
Blended Fair Value	$33.98
Current Price	$28.10
Upside	20.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	1.33%	0.00%	0.17	0.45	0.38	0.00	0.01	0.16	0.03	0.02	0.00	0.00
YoY Growth	-	-	-62.03%	16.52%	0.00%	-100.00%	-96.49%	488.74%	17.08%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.81%	2.31%	0.86%	0.00%	0.02%	0.44%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.32
(-) Cash Dividends Paid (M)	10.13
(=) Cash Retained (M)	59.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.86	8.66	5.20
Cash Retained (M)	59.19	59.19	59.19
(-) Cash Required (M)	-13.86	-8.66	-5.20
(=) Excess Retained (M)	45.33	50.53	53.99
(/) Shares Outstanding (M)	134.71	134.71	134.71
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	-0.67%	0.33%	1.33%
Fair Value	$13.46	$22.18	$46.52
Upside / Downside	-52.08%	-21.07%	65.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.32	69.55	69.78	70.01	70.25	70.48	72.59
Payout Ratio	14.61%	29.69%	44.76%	59.84%	74.92%	90.00%	92.50%
Projected Dividends (M)	10.13	20.65	31.24	41.90	52.63	63.43	67.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	-0.67%	0.33%	1.33%
Year 1 PV (M)	19.97	20.17	20.37
Year 2 PV (M)	29.22	29.81	30.40
Year 3 PV (M)	37.90	39.05	40.23
Year 4 PV (M)	46.04	47.92	49.86
Year 5 PV (M)	53.66	56.42	59.29
PV of Terminal Value (M)	5,681.02	5,972.79	6,276.44
Equity Value (M)	5,867.81	6,166.17	6,476.59
Shares Outstanding (M)	134.71	134.71	134.71
Fair Value	$43.56	$45.77	$48.08
Upside / Downside	55.01%	62.89%	71.09%

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Runa Smart Equipment Co., Ltd. (301129.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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