DDM Analysis: 0992.HK

Valuation Snapshot

Stable Growth	$1.78 - $3.25	$2.39
Multi-Stage	$1.53 - $1.68	$1.60
Blended Fair Value	$1.99
Current Price	$1.48
Upside	34.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.95%	6.41%	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03
YoY Growth	-	-	4.30%	0.77%	20.88%	10.26%	-0.12%	7.53%	6.20%	1.02%	-0.65%	16.04%
Dividend Yield	-	-	3.72%	3.04%	4.09%	3.76%	2.77%	5.77%	3.74%	5.16%	4.38%	4.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,628.25
(-) Cash Dividends Paid (M)	134.48
(=) Cash Retained (M)	1,493.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	325.65	203.53	122.12
Cash Retained (M)	1,493.77	1,493.77	1,493.77
(-) Cash Required (M)	-325.65	-203.53	-122.12
(=) Excess Retained (M)	1,168.12	1,290.24	1,371.65
(/) Shares Outstanding (M)	13,620.22	13,620.22	13,620.22
(=) Excess Retained per Share	0.09	0.09	0.10
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.09	0.09	0.10
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	4.41%	5.41%	6.41%
Fair Value	$1.78	$2.39	$3.25
Upside / Downside	20.02%	61.20%	119.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,628.25	1,716.29	1,809.09	1,906.90	2,010.01	2,118.69	2,182.25
Payout Ratio	8.26%	24.61%	40.96%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	134.48	422.33	740.92	1,092.73	1,480.41	1,906.82	2,018.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.03%	10.03%	10.03%
Growth Rate	4.41%	5.41%	6.41%
Year 1 PV (M)	380.20	383.84	387.48
Year 2 PV (M)	600.46	612.02	623.68
Year 3 PV (M)	797.22	820.35	843.92
Year 4 PV (M)	972.31	1,010.10	1,048.98
Year 5 PV (M)	1,127.43	1,182.46	1,239.63
PV of Terminal Value (M)	16,981.30	17,810.26	18,671.28
Equity Value (M)	20,858.92	21,819.02	22,814.97
Shares Outstanding (M)	13,620.22	13,620.22	13,620.22
Fair Value	$1.53	$1.60	$1.68
Upside / Downside	3.48%	8.24%	13.18%

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Lenovo Group Limited (0992.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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