DDM Analysis: 688533.SS

Valuation Snapshot

Stable Growth	$89.30 - $218.34	$204.62
Multi-Stage	$32.00 - $35.01	$33.48
Blended Fair Value	$119.05
Current Price	$29.32
Upside	306.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	41.62%	0.00%	0.40	0.27	0.19	0.07	0.39	0.07	0.08	0.67	0.00	0.00
YoY Growth	-	-	47.57%	44.16%	158.50%	-81.41%	457.13%	-13.00%	-88.08%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.26%	0.91%	0.42%	0.16%	1.20%	0.22%	0.25%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.51
(-) Cash Dividends Paid (M)	82.20
(=) Cash Retained (M)	98.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.10	22.56	13.54
Cash Retained (M)	98.31	98.31	98.31
(-) Cash Required (M)	-36.10	-22.56	-13.54
(=) Excess Retained (M)	62.21	75.75	84.77
(/) Shares Outstanding (M)	164.42	164.42	164.42
(=) Excess Retained per Share	0.38	0.46	0.52
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.38	0.46	0.52
(=) Adjusted Dividend	0.88	0.96	1.02
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.30	$204.62	$218.34
Upside / Downside	204.57%	597.88%	644.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.51	192.25	204.74	218.05	232.22	247.32	254.74
Payout Ratio	45.54%	54.43%	63.32%	72.22%	81.11%	90.00%	92.50%
Projected Dividends (M)	82.20	104.64	129.65	157.47	188.35	222.59	235.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	97.30	98.22	99.14
Year 2 PV (M)	112.09	114.23	116.38
Year 3 PV (M)	126.59	130.22	133.92
Year 4 PV (M)	140.79	146.20	151.77
Year 5 PV (M)	154.70	162.17	169.93
PV of Terminal Value (M)	4,629.36	4,852.95	5,085.11
Equity Value (M)	5,260.82	5,504.00	5,756.26
Shares Outstanding (M)	164.42	164.42	164.42
Fair Value	$32.00	$33.48	$35.01
Upside / Downside	9.13%	14.17%	19.41%

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Suzhou Sonavox Electronics Co., Ltd. (688533.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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