DDM Analysis: 300785.SZ

Valuation Snapshot

Stable Growth	$3.06 - $4.44	$3.73
Multi-Stage	$4.61 - $5.05	$4.83
Blended Fair Value	$4.28
Current Price	$38.50
Upside	-88.89%
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	0.89%	0.00%	0.16	0.16	0.33	0.23	0.18	0.15	0.11	0.03	0.03	0.00
YoY Growth	-	-	0.30%	-52.98%	48.49%	27.15%	17.39%	40.53%	266.67%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.49%	0.72%	1.01%	0.93%	0.50%	0.36%	0.88%	0.24%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	84.88
(-) Cash Dividends Paid (M)	32.64
(=) Cash Retained (M)	52.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.98	10.61	6.37
Cash Retained (M)	52.25	52.25	52.25
(-) Cash Required (M)	-16.98	-10.61	-6.37
(=) Excess Retained (M)	35.27	41.64	45.88
(/) Shares Outstanding (M)	204.75	204.75	204.75
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-1.11%	-0.11%	0.89%
Fair Value	$3.06	$3.73	$4.44
Upside / Downside	-92.05%	-90.31%	-88.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	84.88	84.79	84.70	84.61	84.51	84.42	86.95
Payout Ratio	38.45%	48.76%	59.07%	69.38%	79.69%	90.00%	92.50%
Projected Dividends (M)	32.64	41.34	50.03	58.70	67.35	75.98	80.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	-1.11%	-0.11%	0.89%
Year 1 PV (M)	37.34	37.72	38.10
Year 2 PV (M)	40.82	41.65	42.48
Year 3 PV (M)	43.25	44.58	45.93
Year 4 PV (M)	44.82	46.66	48.56
Year 5 PV (M)	45.67	48.03	50.48
PV of Terminal Value (M)	731.76	769.52	808.82
Equity Value (M)	943.67	988.15	1,034.37
Shares Outstanding (M)	204.75	204.75	204.75
Fair Value	$4.61	$4.83	$5.05
Upside / Downside	-88.03%	-87.46%	-86.88%

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Beijing Zhidemai Technology Co., Ltd. (300785.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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