DDM Analysis: 300687.SZ

Valuation Snapshot

Stable Growth	$8.94 - $35.33	$24.47
Multi-Stage	$4.45 - $4.86	$4.65
Blended Fair Value	$14.56
Current Price	$28.20
Upside	-48.38%
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	35.82%	0.00%	0.16	0.12	0.11	0.09	0.06	0.04	0.04	0.02	0.00	0.01
YoY Growth	-	-	33.59%	11.53%	21.32%	42.10%	79.94%	-9.30%	122.22%	2,589.03%	-94.12%	0.00%
Dividend Yield	-	-	0.50%	0.65%	0.28%	0.39%	0.35%	0.33%	0.32%	0.12%	0.01%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.33
(-) Cash Dividends Paid (M)	52.77
(=) Cash Retained (M)	19.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.47	9.04	5.43
Cash Retained (M)	19.56	19.56	19.56
(-) Cash Required (M)	-14.47	-9.04	-5.43
(=) Excess Retained (M)	5.10	10.52	14.14
(/) Shares Outstanding (M)	407.16	407.16	407.16
(=) Excess Retained per Share	0.01	0.03	0.03
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.01	0.03	0.03
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.94	$24.47	$35.33
Upside / Downside	-68.29%	-13.24%	25.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.33	77.04	82.04	87.38	93.05	99.10	102.08
Payout Ratio	72.96%	76.36%	79.77%	83.18%	86.59%	90.00%	92.50%
Projected Dividends (M)	52.77	58.83	65.45	72.68	80.58	89.19	94.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.37	54.89	55.40
Year 2 PV (M)	55.91	56.98	58.05
Year 3 PV (M)	57.39	59.04	60.71
Year 4 PV (M)	58.81	61.07	63.39
Year 5 PV (M)	60.16	63.07	66.09
PV of Terminal Value (M)	1,524.93	1,598.58	1,675.05
Equity Value (M)	1,811.57	1,893.62	1,978.71
Shares Outstanding (M)	407.16	407.16	407.16
Fair Value	$4.45	$4.65	$4.86
Upside / Downside	-84.22%	-83.51%	-82.77%

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Guangzhou Sie Consulting Co., Ltd. (300687.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener