DDM Analysis: 300684.SZ

Valuation Snapshot

Stable Growth	$77.31 - $214.07	$200.61
Multi-Stage	$30.46 - $33.31	$31.86
Blended Fair Value	$116.24
Current Price	$40.84
Upside	184.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.62%	80.87%	0.24	0.61	0.41	0.59	0.36	0.11	0.07	0.03	0.02	0.08
YoY Growth	-	-	-60.81%	49.61%	-30.98%	66.09%	234.89%	49.07%	144.10%	41.11%	-75.39%	13,071.27%
Dividend Yield	-	-	0.95%	3.69%	2.31%	3.74%	1.90%	0.41%	0.28%	0.13%	0.52%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	321.02
(-) Cash Dividends Paid (M)	193.85
(=) Cash Retained (M)	127.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.20	40.13	24.08
Cash Retained (M)	127.17	127.17	127.17
(-) Cash Required (M)	-64.20	-40.13	-24.08
(=) Excess Retained (M)	62.97	87.05	103.10
(/) Shares Outstanding (M)	298.24	298.24	298.24
(=) Excess Retained per Share	0.21	0.29	0.35
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.21	0.29	0.35
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$77.31	$200.61	$214.07
Upside / Downside	89.30%	391.21%	424.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	321.02	341.89	364.11	387.78	412.99	439.83	453.02
Payout Ratio	60.38%	66.31%	72.23%	78.15%	84.08%	90.00%	92.50%
Projected Dividends (M)	193.85	226.70	263.00	303.06	347.23	395.85	419.05

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)	210.52	212.51	214.51
Year 2 PV (M)	226.80	231.12	235.48
Year 3 PV (M)	242.69	249.66	256.76
Year 4 PV (M)	258.21	268.14	278.35
Year 5 PV (M)	273.35	286.56	300.27
PV of Terminal Value (M)	7,873.97	8,254.29	8,649.16
Equity Value (M)	9,085.54	9,502.27	9,934.52
Shares Outstanding (M)	298.24	298.24	298.24
Fair Value	$30.46	$31.86	$33.31
Upside / Downside	-25.41%	-21.99%	-18.44%

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Jones Tech PLC (300684.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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