DDM Analysis: 002896.SZ

Valuation Snapshot

Stable Growth	$8.10 - $17.62	$11.60
Multi-Stage	$6.45 - $7.04	$6.74
Blended Fair Value	$9.17
Current Price	$96.53
Upside	-90.50%
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	-5.15%	4.37%	0.08	0.08	0.21	0.22	0.09	0.11	0.12	0.04	0.04	0.05
YoY Growth	-	-	0.73%	-59.77%	-3.35%	152.59%	-22.39%	-6.56%	229.46%	-12.23%	-25.94%	-0.21%
Dividend Yield	-	-	0.13%	0.31%	1.01%	1.89%	0.81%	1.22%	0.73%	0.19%	0.53%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.82
(-) Cash Dividends Paid (M)	41.12
(=) Cash Retained (M)	31.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.56	9.10	5.46
Cash Retained (M)	31.70	31.70	31.70
(-) Cash Required (M)	-14.56	-9.10	-5.46
(=) Excess Retained (M)	17.13	22.60	26.24
(/) Shares Outstanding (M)	173.28	173.28	173.28
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.12%	6.12%	7.12%
Fair Value	$8.10	$11.60	$17.62
Upside / Downside	-91.61%	-87.98%	-81.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.82	77.28	82.01	87.04	92.37	98.02	100.96
Payout Ratio	56.47%	63.18%	69.88%	76.59%	83.29%	90.00%	92.50%
Projected Dividends (M)	41.12	48.82	57.31	66.66	76.94	88.22	93.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.12%	6.12%	7.12%
Year 1 PV (M)	44.17	44.59	45.01
Year 2 PV (M)	46.91	47.81	48.72
Year 3 PV (M)	49.37	50.79	52.24
Year 4 PV (M)	51.55	53.54	55.59
Year 5 PV (M)	53.48	56.07	58.77
PV of Terminal Value (M)	872.71	915.01	958.94
Equity Value (M)	1,118.19	1,167.82	1,219.27
Shares Outstanding (M)	173.28	173.28	173.28
Fair Value	$6.45	$6.74	$7.04
Upside / Downside	-93.31%	-93.02%	-92.71%

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Ningbo ZhongDa Leader Intelligent Transmission Co., Ltd. (002896.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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