DDM Analysis: 301161.SZ

Valuation Snapshot

Stable Growth	$95.77 - $113.00	$105.82
Multi-Stage	$161.90 - $178.97	$170.26
Blended Fair Value	$138.04
Current Price	$38.03
Upside	262.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-0.33%	0.00%	0.44	0.17	0.04	0.06	0.20	0.44	0.09	0.01	0.00	0.00
YoY Growth	-	-	154.63%	343.52%	-33.24%	-70.34%	-56.01%	393.06%	1,549.45%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.99%	0.97%	0.16%	0.21%	0.70%	1.58%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.59
(-) Cash Dividends Paid (M)	39.35
(=) Cash Retained (M)	33.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.52	9.07	5.44
Cash Retained (M)	33.24	33.24	33.24
(-) Cash Required (M)	-14.52	-9.07	-5.44
(=) Excess Retained (M)	18.72	24.17	27.80
(/) Shares Outstanding (M)	118.84	118.84	118.84
(=) Excess Retained per Share	0.16	0.20	0.23
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.16	0.20	0.23
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	-19.68%	-19.68%	-19.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$95.77	$105.82	$113.00
Upside / Downside	151.84%	178.26%	197.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.59	71.86	71.14	70.43	69.73	69.03	71.10
Payout Ratio	54.21%	61.36%	68.52%	75.68%	82.84%	90.00%	92.50%
Projected Dividends (M)	39.35	44.10	48.75	53.30	57.76	62.13	65.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.68%	-19.68%	-19.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	54.35	54.90	55.46
Year 2 PV (M)	74.05	75.57	77.10
Year 3 PV (M)	99.79	102.88	106.02
Year 4 PV (M)	133.27	138.80	144.49
Year 5 PV (M)	176.67	185.87	195.44
PV of Terminal Value (M)	18,702.10	19,675.96	20,689.98
Equity Value (M)	19,240.23	20,233.97	21,268.50
Shares Outstanding (M)	118.84	118.84	118.84
Fair Value	$161.90	$170.26	$178.97
Upside / Downside	325.72%	347.71%	370.60%

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Voneseals Technology (Shanghai) Inc. (301161.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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