DDM Analysis: 002901.SZ

Valuation Snapshot

Stable Growth	$31.97 - $88.06	$49.45
Multi-Stage	$22.03 - $24.05	$23.02
Blended Fair Value	$36.23
Current Price	$56.00
Upside	-35.30%
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	-10.61%	38.02%	0.29	0.02	0.51	0.79	0.59	0.51	0.39	0.23	0.14	0.18
YoY Growth	-	-	1,151.91%	-95.50%	-35.40%	34.30%	16.67%	29.26%	66.60%	63.53%	-20.11%	1,461.68%
Dividend Yield	-	-	0.84%	0.07%	1.41%	1.86%	1.18%	0.75%	1.14%	0.63%	0.86%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	541.57
(-) Cash Dividends Paid (M)	212.60
(=) Cash Retained (M)	328.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.31	67.70	40.62
Cash Retained (M)	328.97	328.97	328.97
(-) Cash Required (M)	-108.31	-67.70	-40.62
(=) Excess Retained (M)	220.66	261.28	288.35
(/) Shares Outstanding (M)	409.01	409.01	409.01
(=) Excess Retained per Share	0.54	0.64	0.70
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.54	0.64	0.70
(=) Adjusted Dividend	1.06	1.16	1.22
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.97	$49.45	$88.06
Upside / Downside	-42.91%	-11.70%	57.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	541.57	576.78	614.27	654.19	696.72	742.00	764.26
Payout Ratio	39.26%	49.41%	59.55%	69.70%	79.85%	90.00%	92.50%
Projected Dividends (M)	212.60	284.96	365.82	455.99	556.34	667.80	706.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	258.98	261.44	263.89
Year 2 PV (M)	302.17	307.93	313.74
Year 3 PV (M)	342.33	352.15	362.17
Year 4 PV (M)	379.59	394.19	409.21
Year 5 PV (M)	414.12	434.12	454.89
PV of Terminal Value (M)	7,312.30	7,665.48	8,032.19
Equity Value (M)	9,009.49	9,415.32	9,836.08
Shares Outstanding (M)	409.01	409.01	409.01
Fair Value	$22.03	$23.02	$24.05
Upside / Downside	-60.67%	-58.89%	-57.06%

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Double Medical Technology Inc. (002901.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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