DDM Analysis: 600081.SS

Valuation Snapshot

Stable Growth	$8.84 - $17.43	$16.33
Multi-Stage	$8.98 - $9.92	$9.44
Blended Fair Value	$12.88
Current Price	$12.93
Upside	-0.36%
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	-0.55%	-11.31%	0.10	0.12	0.18	0.09	0.18	0.10	0.12	0.13	0.25	0.37
YoY Growth	-	-	-13.40%	-37.21%	106.48%	-51.52%	78.71%	-11.43%	-9.32%	-48.84%	-32.15%	11.08%
Dividend Yield	-	-	0.67%	1.04%	1.72%	0.81%	1.70%	1.02%	1.17%	1.08%	1.76%	2.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52.39
(-) Cash Dividends Paid (M)	21.88
(=) Cash Retained (M)	30.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.48	6.55	3.93
Cash Retained (M)	30.51	30.51	30.51
(-) Cash Required (M)	-10.48	-6.55	-3.93
(=) Excess Retained (M)	20.03	23.96	26.58
(/) Shares Outstanding (M)	552.93	552.93	552.93
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	-1.71%	-1.71%	-1.71%
Growth Rate	-2.55%	-1.55%	-0.55%
Fair Value	$8.84	$16.33	$17.43
Upside / Downside	-31.61%	26.26%	34.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52.39	51.58	50.78	49.99	49.22	48.46	49.91
Payout Ratio	41.77%	51.41%	61.06%	70.71%	80.35%	90.00%	92.50%
Projected Dividends (M)	21.88	26.52	31.01	35.35	39.55	43.61	46.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.71%	-1.71%	-1.71%
Growth Rate	-2.55%	-1.55%	-0.55%
Year 1 PV (M)	26.71	26.98	27.26
Year 2 PV (M)	31.45	32.10	32.75
Year 3 PV (M)	36.11	37.23	38.38
Year 4 PV (M)	40.69	42.38	44.13
Year 5 PV (M)	45.18	47.55	50.01
PV of Terminal Value (M)	4,783.17	5,033.68	5,294.57
Equity Value (M)	4,963.31	5,219.92	5,487.10
Shares Outstanding (M)	552.93	552.93	552.93
Fair Value	$8.98	$9.44	$9.92
Upside / Downside	-30.58%	-26.99%	-23.25%

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Dongfeng Electronic Technology Co.,Ltd. (600081.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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