DDM Analysis: 601127.SS

Valuation Snapshot

Stable Growth	$36.08 - $51.94	$43.81
Multi-Stage	$31.47 - $34.15	$32.79
Blended Fair Value	$38.30
Current Price	$171.57
Upside	-77.68%
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	7.90%	12.31%	0.40	0.16	0.18	0.16	0.21	0.27	0.29	0.26	0.00	0.07
YoY Growth	-	-	150.41%	-11.17%	9.24%	-22.76%	-22.05%	-7.37%	12.38%	0.00%	-100.00%	-46.43%
Dividend Yield	-	-	0.32%	0.18%	0.47%	0.38%	0.91%	3.39%	1.75%	1.38%	0.00%	0.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,220.37
(-) Cash Dividends Paid (M)	2,200.27
(=) Cash Retained (M)	5,020.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,444.07	902.55	541.53
Cash Retained (M)	5,020.10	5,020.10	5,020.10
(-) Cash Required (M)	-1,444.07	-902.55	-541.53
(=) Excess Retained (M)	3,576.03	4,117.55	4,478.57
(/) Shares Outstanding (M)	1,533.47	1,533.47	1,533.47
(=) Excess Retained per Share	2.33	2.69	2.92
LTM Dividend per Share	1.43	1.43	1.43
(+) Excess Retained per Share	2.33	2.69	2.92
(=) Adjusted Dividend	3.77	4.12	4.36
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.08	$43.81	$51.94
Upside / Downside	-78.97%	-74.46%	-69.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,220.37	7,689.69	8,189.52	8,721.84	9,288.76	9,892.53	10,189.31
Payout Ratio	30.47%	42.38%	54.28%	66.19%	78.09%	90.00%	92.50%
Projected Dividends (M)	2,200.27	3,258.77	4,445.59	5,772.92	7,254.02	8,903.28	9,425.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,770.61	2,796.87	2,823.14
Year 2 PV (M)	3,213.46	3,274.66	3,336.45
Year 3 PV (M)	3,547.81	3,649.65	3,753.43
Year 4 PV (M)	3,790.23	3,935.99	4,085.91
Year 5 PV (M)	3,955.10	4,146.13	4,344.48
PV of Terminal Value (M)	30,980.06	32,476.41	34,030.03
Equity Value (M)	48,257.27	50,279.72	52,373.43
Shares Outstanding (M)	1,533.47	1,533.47	1,533.47
Fair Value	$31.47	$32.79	$34.15
Upside / Downside	-81.66%	-80.89%	-80.09%

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Seres Group Co.,Ltd. (601127.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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