DDM Analysis: 603082.SS

Valuation Snapshot

Stable Growth	$45.00 - $203.81	$103.56
Multi-Stage	$23.89 - $26.11	$24.98
Blended Fair Value	$64.27
Current Price	$39.20
Upside	63.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	34.83%	0.00%	0.58	0.00	0.38	0.38	0.14	0.13	0.00	0.00	0.00	0.00
YoY Growth	-	-	16,780.21%	-99.08%	0.00%	176.64%	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.49%	0.01%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	165.92
(-) Cash Dividends Paid (M)	94.87
(=) Cash Retained (M)	71.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.18	20.74	12.44
Cash Retained (M)	71.04	71.04	71.04
(-) Cash Required (M)	-33.18	-20.74	-12.44
(=) Excess Retained (M)	37.86	50.30	58.60
(/) Shares Outstanding (M)	161.90	161.90	161.90
(=) Excess Retained per Share	0.23	0.31	0.36
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.23	0.31	0.36
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.00	$103.56	$203.81
Upside / Downside	14.79%	164.18%	419.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	165.92	176.70	188.19	200.42	213.45	227.32	234.14
Payout Ratio	57.18%	63.75%	70.31%	76.87%	83.44%	90.00%	92.50%
Projected Dividends (M)	94.87	112.64	132.31	154.07	178.09	204.59	216.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	103.87	104.86	105.84
Year 2 PV (M)	112.52	114.66	116.82
Year 3 PV (M)	120.82	124.29	127.82
Year 4 PV (M)	128.79	133.74	138.84
Year 5 PV (M)	136.44	143.02	149.87
PV of Terminal Value (M)	3,266.07	3,423.83	3,587.62
Equity Value (M)	3,868.51	4,044.40	4,226.81
Shares Outstanding (M)	161.90	161.90	161.90
Fair Value	$23.89	$24.98	$26.11
Upside / Downside	-39.05%	-36.27%	-33.40%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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RIAMB (Beijing) Tech Dvlp Co (603082.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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