DDM Analysis: 002997.SZ

Valuation Snapshot

Stable Growth	$367.37 - $432.82	$405.62
Multi-Stage	$307.45 - $337.48	$322.18
Blended Fair Value	$363.90
Current Price	$39.44
Upside	822.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.05%	0.61%	0.37	0.30	0.18	0.19	0.21	0.22	0.12	0.21	0.01	0.09
YoY Growth	-	-	20.64%	67.68%	-2.70%	-9.96%	-4.72%	87.72%	-43.84%	2,810.07%	-92.22%	-73.63%
Dividend Yield	-	-	0.91%	0.97%	0.69%	0.97%	1.26%	1.21%	0.64%	0.00%	0.00%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	452.69
(-) Cash Dividends Paid (M)	69.55
(=) Cash Retained (M)	383.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	90.54	56.59	33.95
Cash Retained (M)	383.14	383.14	383.14
(-) Cash Required (M)	-90.54	-56.59	-33.95
(=) Excess Retained (M)	292.61	326.56	349.19
(/) Shares Outstanding (M)	208.01	208.01	208.01
(=) Excess Retained per Share	1.41	1.57	1.68
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	1.41	1.57	1.68
(=) Adjusted Dividend	1.74	1.90	2.01
WACC / Discount Rate	-1.94%	-1.94%	-1.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$367.37	$405.62	$432.82
Upside / Downside	831.46%	928.44%	997.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	452.69	482.12	513.46	546.83	582.38	620.23	638.84
Payout Ratio	15.36%	30.29%	45.22%	60.15%	75.07%	90.00%	92.50%
Projected Dividends (M)	69.55	146.04	232.18	328.89	437.20	558.21	590.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.94%	-1.94%	-1.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	147.53	148.93	150.33
Year 2 PV (M)	236.96	241.47	246.03
Year 3 PV (M)	339.11	348.85	358.77
Year 4 PV (M)	455.41	472.93	490.94
Year 5 PV (M)	587.42	615.79	645.25
PV of Terminal Value (M)	62,184.71	65,188.25	68,306.75
Equity Value (M)	63,951.15	67,016.23	70,198.07
Shares Outstanding (M)	208.01	208.01	208.01
Fair Value	$307.45	$322.18	$337.48
Upside / Downside	679.53%	716.90%	755.68%

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Rayhoo Motor Dies Co.,Ltd. (002997.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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