DDM Analysis: 300751.SZ

Valuation Snapshot

Stable Growth	$387.98 - $592.80	$555.54
Multi-Stage	$96.98 - $106.21	$101.51
Blended Fair Value	$328.52
Current Price	$99.35
Upside	230.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	60.50%	202.83%	1.60	1.03	0.59	0.31	0.22	0.15	0.00	0.10	0.00	0.00
YoY Growth	-	-	56.05%	73.94%	89.27%	40.49%	47.56%	0.00%	-100.00%	0.00%	-100.00%	4,964.38%
Dividend Yield	-	-	1.95%	0.94%	0.31%	0.15%	0.19%	0.48%	0.00%	0.59%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	830.62
(-) Cash Dividends Paid (M)	229.42
(=) Cash Retained (M)	601.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.12	103.83	62.30
Cash Retained (M)	601.20	601.20	601.20
(-) Cash Required (M)	-166.12	-103.83	-62.30
(=) Excess Retained (M)	435.08	497.37	538.90
(/) Shares Outstanding (M)	278.66	278.66	278.66
(=) Excess Retained per Share	1.56	1.78	1.93
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	1.56	1.78	1.93
(=) Adjusted Dividend	2.38	2.61	2.76
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$387.98	$555.54	$592.80
Upside / Downside	290.52%	459.17%	496.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	830.62	884.61	942.11	1,003.35	1,068.56	1,138.02	1,172.16
Payout Ratio	27.62%	40.10%	52.57%	65.05%	77.52%	90.00%	92.50%
Projected Dividends (M)	229.42	354.70	495.29	652.66	828.39	1,024.22	1,084.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.15%	6.15%	6.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	331.01	334.15	337.29
Year 2 PV (M)	431.36	439.57	447.87
Year 3 PV (M)	530.46	545.69	561.21
Year 4 PV (M)	628.34	652.50	677.36
Year 5 PV (M)	725.00	760.02	796.38
PV of Terminal Value (M)	24,377.17	25,554.60	26,777.08
Equity Value (M)	27,023.34	28,286.53	29,597.18
Shares Outstanding (M)	278.66	278.66	278.66
Fair Value	$96.98	$101.51	$106.21
Upside / Downside	-2.39%	2.17%	6.91%

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Suzhou Maxwell Technologies Co., Ltd. (300751.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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