DDM Analysis: 300130.SZ

Valuation Snapshot

Stable Growth	$64.93 - $121.75	$114.10
Multi-Stage	$19.45 - $21.27	$20.34
Blended Fair Value	$67.22
Current Price	$27.64
Upside	143.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	50.43%	45.57%	0.87	0.21	0.03	0.24	0.24	0.11	0.46	0.09	0.06	0.01
YoY Growth	-	-	310.18%	693.63%	-89.00%	-0.09%	115.41%	-75.47%	437.18%	45.66%	477.73%	-50.00%
Dividend Yield	-	-	4.32%	0.96%	0.15%	1.55%	2.38%	0.83%	2.52%	0.54%	0.45%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	344.50
(-) Cash Dividends Paid (M)	226.83
(=) Cash Retained (M)	117.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.90	43.06	25.84
Cash Retained (M)	117.67	117.67	117.67
(-) Cash Required (M)	-68.90	-43.06	-25.84
(=) Excess Retained (M)	48.77	74.60	91.83
(/) Shares Outstanding (M)	562.72	562.72	562.72
(=) Excess Retained per Share	0.09	0.13	0.16
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.09	0.13	0.16
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.93	$114.10	$121.75
Upside / Downside	134.90%	312.81%	340.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	344.50	366.89	390.74	416.14	443.19	472.00	486.15
Payout Ratio	65.84%	70.68%	75.51%	80.34%	85.17%	90.00%	92.50%
Projected Dividends (M)	226.83	259.30	295.03	334.32	377.46	424.80	449.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	241.65	243.94	246.24
Year 2 PV (M)	256.24	261.12	266.05
Year 3 PV (M)	270.59	278.36	286.28
Year 4 PV (M)	284.72	295.67	306.93
Year 5 PV (M)	298.62	313.04	328.01
PV of Terminal Value (M)	9,591.45	10,054.72	10,535.73
Equity Value (M)	10,943.27	11,446.86	11,969.23
Shares Outstanding (M)	562.72	562.72	562.72
Fair Value	$19.45	$20.34	$21.27
Upside / Downside	-29.64%	-26.40%	-23.05%

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XGD Inc. (300130.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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