DDM Analysis: 688016.SS

Valuation Snapshot

Stable Growth	$121.71 - $614.68	$251.91
Multi-Stage	$68.97 - $75.31	$72.08
Blended Fair Value	$161.99
Current Price	$111.60
Upside	45.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	82.09%	0.00%	3.69	1.35	1.24	0.53	0.38	0.18	0.52	0.31	0.06	0.00
YoY Growth	-	-	172.10%	9.52%	133.33%	38.46%	107.94%	-64.84%	71.12%	408.13%	0.00%	0.00%
Dividend Yield	-	-	4.09%	1.07%	1.07%	0.38%	0.20%	0.18%	0.49%	0.29%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	377.82
(-) Cash Dividends Paid (M)	245.84
(=) Cash Retained (M)	131.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.56	47.23	28.34
Cash Retained (M)	131.98	131.98	131.98
(-) Cash Required (M)	-75.56	-47.23	-28.34
(=) Excess Retained (M)	56.41	84.75	103.64
(/) Shares Outstanding (M)	122.24	122.24	122.24
(=) Excess Retained per Share	0.46	0.69	0.85
LTM Dividend per Share	2.01	2.01	2.01
(+) Excess Retained per Share	0.46	0.69	0.85
(=) Adjusted Dividend	2.47	2.70	2.86
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$121.71	$251.91	$614.68
Upside / Downside	9.06%	125.72%	450.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	377.82	402.38	428.53	456.39	486.05	517.64	533.17
Payout Ratio	65.07%	70.05%	75.04%	80.03%	85.01%	90.00%	92.50%
Projected Dividends (M)	245.84	281.88	321.57	365.23	413.21	465.88	493.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	259.41	261.87	264.33
Year 2 PV (M)	272.34	277.53	282.76
Year 3 PV (M)	284.65	292.82	301.15
Year 4 PV (M)	296.37	307.77	319.49
Year 5 PV (M)	307.50	322.36	337.78
PV of Terminal Value (M)	7,010.59	7,349.20	7,700.77
Equity Value (M)	8,430.86	8,811.54	9,206.28
Shares Outstanding (M)	122.24	122.24	122.24
Fair Value	$68.97	$72.08	$75.31
Upside / Downside	-38.20%	-35.41%	-32.52%

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Shanghai MicroPort Endovascular MedTech Co., Ltd. (688016.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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