DDM Analysis: 300857.SZ

Valuation Snapshot

Stable Growth	$573.15 - $675.27	$632.82
Multi-Stage	$393.46 - $431.85	$412.29
Blended Fair Value	$522.56
Current Price	$181.99
Upside	187.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	59.28%	0.00%	0.31	0.06	0.06	0.04	0.04	0.03	0.03	0.03	0.04	0.00
YoY Growth	-	-	421.83%	1.17%	40.00%	12.98%	22.76%	13.17%	-9.25%	-25.25%	0.00%	0.00%
Dividend Yield	-	-	0.37%	0.10%	0.24%	0.18%	0.14%	0.23%	0.20%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	832.69
(-) Cash Dividends Paid (M)	150.42
(=) Cash Retained (M)	682.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.54	104.09	62.45
Cash Retained (M)	682.27	682.27	682.27
(-) Cash Required (M)	-166.54	-104.09	-62.45
(=) Excess Retained (M)	515.73	578.18	619.82
(/) Shares Outstanding (M)	245.24	245.24	245.24
(=) Excess Retained per Share	2.10	2.36	2.53
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	2.10	2.36	2.53
(=) Adjusted Dividend	2.72	2.97	3.14
WACC / Discount Rate	2.06%	2.06%	2.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$573.15	$632.82	$675.27
Upside / Downside	214.93%	247.72%	271.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	832.69	886.81	944.46	1,005.85	1,071.23	1,140.86	1,175.08
Payout Ratio	18.06%	32.45%	46.84%	61.23%	75.61%	90.00%	92.50%
Projected Dividends (M)	150.42	287.78	442.37	615.84	809.98	1,026.77	1,086.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.06%	2.06%	2.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	279.32	281.97	284.62
Year 2 PV (M)	416.74	424.68	432.69
Year 3 PV (M)	563.10	579.26	595.73
Year 4 PV (M)	718.84	746.49	774.92
Year 5 PV (M)	884.44	927.16	971.52
PV of Terminal Value (M)	93,628.27	98,150.55	102,845.91
Equity Value (M)	96,490.71	101,110.11	105,905.39
Shares Outstanding (M)	245.24	245.24	245.24
Fair Value	$393.46	$412.29	$431.85
Upside / Downside	116.20%	126.55%	137.29%

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Sharetronic Data Technology Co., Ltd. (300857.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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