DDM Analysis: 0596.HK

Valuation Snapshot

Stable Growth	$12.22 - $25.19	$17.17
Multi-Stage	$10.37 - $11.35	$10.85
Blended Fair Value	$14.01
Current Price	$7.54
Upside	85.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.75%	2.26%	0.03	0.02	0.00	0.00	0.00	0.04	0.02	0.02	0.02	0.02
YoY Growth	-	-	49.88%	0.00%	0.00%	0.00%	-100.00%	59.39%	5.68%	0.00%	0.00%	-0.20%
Dividend Yield	-	-	0.80%	0.93%	0.00%	0.00%	0.00%	1.25%	0.74%	1.11%	1.39%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	781.56
(-) Cash Dividends Paid (M)	55.86
(=) Cash Retained (M)	725.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	156.31	97.69	58.62
Cash Retained (M)	725.70	725.70	725.70
(-) Cash Required (M)	-156.31	-97.69	-58.62
(=) Excess Retained (M)	569.39	628.01	667.08
(/) Shares Outstanding (M)	1,143.38	1,143.38	1,143.38
(=) Excess Retained per Share	0.50	0.55	0.58
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.50	0.55	0.58
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	4.34%	5.34%	6.34%
Fair Value	$12.22	$17.17	$25.19
Upside / Downside	62.05%	127.71%	234.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	781.56	823.28	867.23	913.53	962.30	1,013.68	1,044.09
Payout Ratio	7.15%	23.72%	40.29%	56.86%	73.43%	90.00%	92.50%
Projected Dividends (M)	55.86	195.26	349.39	519.42	706.61	912.31	965.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.01%	9.01%	9.01%
Growth Rate	4.34%	5.34%	6.34%
Year 1 PV (M)	177.43	179.13	180.83
Year 2 PV (M)	288.48	294.03	299.64
Year 3 PV (M)	389.69	401.00	412.53
Year 4 PV (M)	481.70	500.43	519.71
Year 5 PV (M)	565.11	592.71	621.39
PV of Terminal Value (M)	9,956.93	10,443.30	10,948.51
Equity Value (M)	11,859.32	12,410.61	12,982.60
Shares Outstanding (M)	1,143.38	1,143.38	1,143.38
Fair Value	$10.37	$10.85	$11.35
Upside / Downside	37.56%	43.96%	50.59%

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Inspur Digital Enterprise Technology Limited (0596.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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