DDM Analysis: 002981.SZ

Valuation Snapshot

Stable Growth	$171.11 - $201.59	$188.92
Multi-Stage	$116.89 - $128.29	$122.48
Blended Fair Value	$155.70
Current Price	$31.05
Upside	401.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.15%	0.00%	0.29	0.15	0.05	0.07	0.08	0.11	0.14	0.03	0.00	0.00
YoY Growth	-	-	89.84%	183.98%	-26.88%	-9.40%	-23.85%	-23.24%	326.75%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.29%	0.66%	0.26%	0.47%	0.42%	0.60%	0.78%	0.18%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.15
(-) Cash Dividends Paid (M)	36.97
(=) Cash Retained (M)	99.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.23	17.02	10.21
Cash Retained (M)	99.18	99.18	99.18
(-) Cash Required (M)	-27.23	-17.02	-10.21
(=) Excess Retained (M)	71.95	82.16	88.97
(/) Shares Outstanding (M)	134.31	134.31	134.31
(=) Excess Retained per Share	0.54	0.61	0.66
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.54	0.61	0.66
(=) Adjusted Dividend	0.81	0.89	0.94
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$171.11	$188.92	$201.59
Upside / Downside	451.06%	508.44%	549.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.15	144.99	154.42	164.46	175.15	186.53	192.13
Payout Ratio	27.15%	39.72%	52.29%	64.86%	77.43%	90.00%	92.50%
Projected Dividends (M)	36.97	57.60	80.75	106.67	135.62	167.88	177.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.20%	2.20%	2.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.83	56.36	56.89
Year 2 PV (M)	75.87	77.32	78.77
Year 3 PV (M)	97.15	99.94	102.78
Year 4 PV (M)	119.72	124.33	129.06
Year 5 PV (M)	143.66	150.59	157.80
PV of Terminal Value (M)	15,207.61	15,942.15	16,704.79
Equity Value (M)	15,699.84	16,450.68	17,230.10
Shares Outstanding (M)	134.31	134.31	134.31
Fair Value	$116.89	$122.48	$128.29
Upside / Downside	276.46%	294.47%	313.16%

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Risuntek Inc. (002981.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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