DDM Analysis: 688301.SS

Valuation Snapshot

Stable Growth	$80.48 - $274.48	$132.09
Multi-Stage	$52.28 - $57.12	$54.65
Blended Fair Value	$93.37
Current Price	$115.76
Upside	-19.34%
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	270.15%	0.00%	1.38	1.17	0.86	0.39	0.02	0.00	0.00	0.00	0.00	0.16
YoY Growth	-	-	17.51%	35.80%	122.03%	2,404.59%	683.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.68%	1.02%	0.65%	0.29%	0.02%	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)	545.59
(-) Cash Dividends Paid (M)	185.24
(=) Cash Retained (M)	360.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.12	68.20	40.92
Cash Retained (M)	360.35	360.35	360.35
(-) Cash Required (M)	-109.12	-68.20	-40.92
(=) Excess Retained (M)	251.23	292.15	319.43
(/) Shares Outstanding (M)	187.25	187.25	187.25
(=) Excess Retained per Share	1.34	1.56	1.71
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	1.34	1.56	1.71
(=) Adjusted Dividend	2.33	2.55	2.70
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.48	$132.09	$274.48
Upside / Downside	-30.48%	14.11%	137.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	545.59	581.05	618.82	659.04	701.88	747.50	769.93
Payout Ratio	33.95%	45.16%	56.37%	67.58%	78.79%	90.00%	92.50%
Projected Dividends (M)	185.24	262.41	348.84	445.39	553.01	672.75	712.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	239.46	241.73	244.00
Year 2 PV (M)	290.49	296.02	301.60
Year 3 PV (M)	338.45	348.16	358.06
Year 4 PV (M)	383.48	398.22	413.39
Year 5 PV (M)	425.71	446.27	467.62
PV of Terminal Value (M)	8,111.82	8,503.62	8,910.42
Equity Value (M)	9,789.40	10,234.03	10,695.10
Shares Outstanding (M)	187.25	187.25	187.25
Fair Value	$52.28	$54.65	$57.12
Upside / Downside	-54.84%	-52.79%	-50.66%

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iRay Technology Company Limited (688301.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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