DDM Analysis: 002161.SZ

Valuation Snapshot

Stable Growth	$1.03 - $1.48	$1.25
Multi-Stage	$2.19 - $2.41	$2.30
Blended Fair Value	$1.77
Current Price	$7.63
Upside	-76.76%
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	20.32%	26.49%	0.06	0.05	0.06	0.05	0.03	0.02	0.04	0.01	0.01	0.01
YoY Growth	-	-	23.13%	-9.81%	8.14%	98.37%	5.84%	-42.83%	336.32%	42.86%	0.00%	16.67%
Dividend Yield	-	-	1.08%	1.01%	0.98%	1.01%	0.59%	0.28%	0.56%	0.15%	0.07%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.22
(-) Cash Dividends Paid (M)	32.29
(=) Cash Retained (M)	76.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.84	13.65	8.19
Cash Retained (M)	76.92	76.92	76.92
(-) Cash Required (M)	-21.84	-13.65	-8.19
(=) Excess Retained (M)	55.08	63.27	68.73
(/) Shares Outstanding (M)	740.50	740.50	740.50
(=) Excess Retained per Share	0.07	0.09	0.09
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.07	0.09	0.09
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	-3.61%	-2.61%	-1.61%
Fair Value	$1.03	$1.25	$1.48
Upside / Downside	-86.50%	-83.60%	-80.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.22	106.36	103.58	100.88	98.24	95.67	98.54
Payout Ratio	29.57%	41.65%	53.74%	65.83%	77.91%	90.00%	92.50%
Projected Dividends (M)	32.29	44.31	55.67	66.40	76.54	86.10	91.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	-3.61%	-2.61%	-1.61%
Year 1 PV (M)	40.82	41.24	41.67
Year 2 PV (M)	47.25	48.24	49.23
Year 3 PV (M)	51.93	53.56	55.23
Year 4 PV (M)	55.15	57.47	59.87
Year 5 PV (M)	57.15	60.18	63.33
PV of Terminal Value (M)	1,366.47	1,438.84	1,514.25
Equity Value (M)	1,618.77	1,699.53	1,783.57
Shares Outstanding (M)	740.50	740.50	740.50
Fair Value	$2.19	$2.30	$2.41
Upside / Downside	-71.35%	-69.92%	-68.43%

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Invengo Information Technology Co., Ltd (002161.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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