DDM Analysis: 002906.SZ

Valuation Snapshot

Stable Growth	$116.26 - $284.25	$266.39
Multi-Stage	$41.47 - $45.39	$43.39
Blended Fair Value	$154.89
Current Price	$33.86
Upside	357.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	266.50%	-1.01%	0.36	0.27	0.21	0.19	0.09	0.00	0.23	0.22	0.28	0.28
YoY Growth	-	-	32.20%	29.95%	7.54%	116.81%	16,409.01%	-99.76%	1.68%	-19.42%	-2.35%	-29.10%
Dividend Yield	-	-	1.02%	0.97%	0.63%	0.50%	0.32%	0.00%	1.90%	1.01%	1.40%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	748.02
(-) Cash Dividends Paid (M)	291.99
(=) Cash Retained (M)	456.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.60	93.50	56.10
Cash Retained (M)	456.03	456.03	456.03
(-) Cash Required (M)	-149.60	-93.50	-56.10
(=) Excess Retained (M)	306.42	362.53	399.93
(/) Shares Outstanding (M)	523.35	523.35	523.35
(=) Excess Retained per Share	0.59	0.69	0.76
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.59	0.69	0.76
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.26	$266.39	$284.25
Upside / Downside	243.35%	686.73%	739.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	748.02	796.64	848.43	903.57	962.31	1,024.86	1,055.60
Payout Ratio	39.04%	49.23%	59.42%	69.61%	79.81%	90.00%	92.50%
Projected Dividends (M)	291.99	392.17	504.15	629.02	767.99	922.37	976.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	364.65	368.11	371.57
Year 2 PV (M)	435.87	444.17	452.55
Year 3 PV (M)	505.66	520.18	534.97
Year 4 PV (M)	574.06	596.13	618.84
Year 5 PV (M)	641.07	672.03	704.18
PV of Terminal Value (M)	19,183.46	20,110.02	21,072.05
Equity Value (M)	21,704.76	22,710.65	23,754.16
Shares Outstanding (M)	523.35	523.35	523.35
Fair Value	$41.47	$43.39	$45.39
Upside / Downside	22.48%	28.16%	34.05%

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Foryou Corporation (002906.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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