DDM Analysis: 002876.SZ

Valuation Snapshot

Stable Growth	$19.97 - $55.29	$51.81
Multi-Stage	$8.06 - $8.81	$8.43
Blended Fair Value	$30.12
Current Price	$24.54
Upside	22.74%
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	-1.55%	14.37%	0.22	0.33	0.49	0.33	0.25	0.24	0.30	0.13	0.09	0.03
YoY Growth	-	-	-32.19%	-33.58%	48.52%	34.76%	2.58%	-18.84%	120.57%	46.21%	165.87%	-40.52%
Dividend Yield	-	-	0.84%	1.27%	1.04%	0.99%	0.44%	0.82%	1.24%	0.42%	0.61%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48.35
(-) Cash Dividends Paid (M)	46.51
(=) Cash Retained (M)	1.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.67	6.04	3.63
Cash Retained (M)	1.84	1.84	1.84
(-) Cash Required (M)	-9.67	-6.04	-3.63
(=) Excess Retained (M)	-7.83	-4.20	-1.79
(/) Shares Outstanding (M)	173.91	173.91	173.91
(=) Excess Retained per Share	-0.05	-0.02	-0.01
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	-0.05	-0.02	-0.01
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.97	$51.81	$55.29
Upside / Downside	-18.63%	111.13%	125.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48.35	51.49	54.84	58.40	62.20	66.24	68.23
Payout Ratio	96.20%	94.96%	93.72%	92.48%	91.24%	90.00%	92.50%
Projected Dividends (M)	46.51	48.89	51.39	54.01	56.75	59.61	63.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.40	45.83	46.26
Year 2 PV (M)	44.32	45.16	46.01
Year 3 PV (M)	43.25	44.49	45.76
Year 4 PV (M)	42.20	43.82	45.49
Year 5 PV (M)	41.17	43.16	45.22
PV of Terminal Value (M)	1,185.84	1,243.12	1,302.59
Equity Value (M)	1,402.17	1,465.58	1,531.33
Shares Outstanding (M)	173.91	173.91	173.91
Fair Value	$8.06	$8.43	$8.81
Upside / Downside	-67.14%	-65.66%	-64.12%

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Shenzhen Sunnypol Optoelectronics Co.,Ltd. (002876.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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