DDM Analysis: 688601.SS

Valuation Snapshot

Stable Growth	$29.40 - $83.62	$78.37
Multi-Stage	$12.11 - $13.23	$12.66
Blended Fair Value	$45.51
Current Price	$43.24
Upside	5.26%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014
DPS	51.68%	59.92%	0.63	0.35	0.40	0.17	0.16	0.08	0.08	0.16	0.20	0.03
YoY Growth	-	-	77.17%	-11.64%	131.19%	11.35%	99.23%	0.39%	-50.00%	-23.31%	534.72%	457.78%
Dividend Yield	-	-	1.56%	0.77%	0.69%	0.22%	0.21%	0.10%	0.00%	0.00%	0.27%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.12
(-) Cash Dividends Paid (M)	53.59
(=) Cash Retained (M)	0.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.82	6.77	4.06
Cash Retained (M)	0.53	0.53	0.53
(-) Cash Required (M)	-10.82	-6.77	-4.06
(=) Excess Retained (M)	-10.29	-6.23	-3.53
(/) Shares Outstanding (M)	128.72	128.72	128.72
(=) Excess Retained per Share	-0.08	-0.05	-0.03
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	-0.08	-0.05	-0.03
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.40	$78.37	$83.62
Upside / Downside	-32.00%	81.24%	93.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.12	57.64	61.39	65.38	69.63	74.15	76.38
Payout Ratio	99.02%	97.21%	95.41%	93.61%	91.80%	90.00%	92.50%
Projected Dividends (M)	53.59	56.03	58.57	61.20	63.92	66.74	70.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.02	52.51	53.01
Year 2 PV (M)	50.48	51.44	52.41
Year 3 PV (M)	48.96	50.37	51.80
Year 4 PV (M)	47.48	49.30	51.18
Year 5 PV (M)	46.02	48.24	50.55
PV of Terminal Value (M)	1,314.13	1,377.60	1,443.51
Equity Value (M)	1,559.08	1,629.47	1,702.45
Shares Outstanding (M)	128.72	128.72	128.72
Fair Value	$12.11	$12.66	$13.23
Upside / Downside	-71.99%	-70.72%	-69.41%

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Wuxi ETEK Microelectronics Co.,Ltd. (688601.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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