DDM Analysis: 002835.SZ

Valuation Snapshot

Stable Growth	$14.68 - $31.23	$20.86
Multi-Stage	$10.45 - $11.42	$10.93
Blended Fair Value	$15.89
Current Price	$17.17
Upside	-7.44%
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	133.99%	0.00%	0.21	0.15	0.12	0.10	0.04	0.00	0.03	0.07	0.09	0.00
YoY Growth	-	-	40.71%	25.00%	19.94%	132.44%	1,330.57%	-89.81%	-60.00%	-20.00%	0.00%	0.00%
Dividend Yield	-	-	1.09%	1.01%	0.77%	0.83%	0.39%	0.03%	0.24%	0.72%	0.47%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170.78
(-) Cash Dividends Paid (M)	0.15
(=) Cash Retained (M)	170.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.16	21.35	12.81
Cash Retained (M)	170.63	170.63	170.63
(-) Cash Required (M)	-34.16	-21.35	-12.81
(=) Excess Retained (M)	136.48	149.28	157.82
(/) Shares Outstanding (M)	219.19	219.19	219.19
(=) Excess Retained per Share	0.62	0.68	0.72
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.62	0.68	0.72
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.68	$20.86	$31.23
Upside / Downside	-14.52%	21.49%	81.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170.78	181.88	193.71	206.30	219.71	233.99	241.01
Payout Ratio	0.09%	18.07%	36.05%	54.04%	72.02%	90.00%	92.50%
Projected Dividends (M)	0.15	32.87	69.84	111.47	158.23	210.59	222.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.60	29.89	30.17
Year 2 PV (M)	56.66	57.74	58.83
Year 3 PV (M)	81.46	83.80	86.18
Year 4 PV (M)	104.14	108.15	112.27
Year 5 PV (M)	124.84	130.87	137.13
PV of Terminal Value (M)	1,893.22	1,984.67	2,079.61
Equity Value (M)	2,289.93	2,395.11	2,504.18
Shares Outstanding (M)	219.19	219.19	219.19
Fair Value	$10.45	$10.93	$11.42
Upside / Downside	-39.15%	-36.36%	-33.46%

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Shenzhen TVT Digital Technology Co., Ltd. (002835.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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