DDM Analysis: 300940.SZ

Valuation Snapshot

Stable Growth	$1.60 - $2.06	$1.84
Multi-Stage	$2.88 - $3.21	$3.04
Blended Fair Value	$2.44
Current Price	$29.45
Upside	-91.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-32.72%	0.00%	0.00	0.00	0.08	0.04	0.00	0.02	0.06	0.12	0.01	0.00
YoY Growth	-	-	70.76%	-98.28%	88.00%	1,831.17%	-87.04%	-71.75%	-47.42%	1,350.60%	0.00%	0.00%
Dividend Yield	-	-	0.01%	0.01%	0.43%	0.17%	0.01%	0.03%	0.09%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	132.31
(-) Cash Dividends Paid (M)	0.24
(=) Cash Retained (M)	132.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.46	16.54	9.92
Cash Retained (M)	132.07	132.07	132.07
(-) Cash Required (M)	-26.46	-16.54	-9.92
(=) Excess Retained (M)	105.61	115.53	122.15
(/) Shares Outstanding (M)	222.69	222.69	222.69
(=) Excess Retained per Share	0.47	0.52	0.55
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.47	0.52	0.55
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-15.27%	-14.27%	-13.27%
Fair Value	$1.60	$1.84	$2.06
Upside / Downside	-94.57%	-93.74%	-93.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	132.31	113.42	97.23	83.35	71.46	61.26	63.09
Payout Ratio	0.18%	18.14%	36.11%	54.07%	72.04%	90.00%	92.50%
Projected Dividends (M)	0.24	20.58	35.11	45.07	51.47	55.13	58.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-15.27%	-14.27%	-13.27%
Year 1 PV (M)	18.51	18.72	18.94
Year 2 PV (M)	28.39	29.06	29.74
Year 3 PV (M)	32.77	33.94	35.14
Year 4 PV (M)	33.65	35.27	36.94
Year 5 PV (M)	32.41	34.36	36.42
PV of Terminal Value (M)	496.06	526.03	557.44
Equity Value (M)	641.77	677.39	714.62
Shares Outstanding (M)	222.69	222.69	222.69
Fair Value	$2.88	$3.04	$3.21
Upside / Downside	-90.21%	-89.67%	-89.10%

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Shen Zhen Australis Electronic Technology Co.,Ltd. (300940.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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