DDM Analysis: 002334.SZ

Valuation Snapshot

Stable Growth	$4.89 - $8.69	$6.49
Multi-Stage	$4.87 - $5.33	$5.10
Blended Fair Value	$5.80
Current Price	$9.60
Upside	-39.62%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.13%	5.43%	0.07	0.08	0.01	0.01	0.01	0.07	0.20	0.05	0.05	0.07
YoY Growth	-	-	-3.41%	717.19%	-33.06%	24.09%	-84.65%	-63.78%	296.34%	13.37%	-34.61%	58.34%
Dividend Yield	-	-	0.87%	0.93%	0.08%	0.23%	0.22%	1.66%	3.11%	0.57%	0.54%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.68
(-) Cash Dividends Paid (M)	56.82
(=) Cash Retained (M)	224.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.34	35.21	21.13
Cash Retained (M)	224.86	224.86	224.86
(-) Cash Required (M)	-56.34	-35.21	-21.13
(=) Excess Retained (M)	168.52	189.65	203.73
(/) Shares Outstanding (M)	803.08	803.08	803.08
(=) Excess Retained per Share	0.21	0.24	0.25
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.21	0.24	0.25
(=) Adjusted Dividend	0.28	0.31	0.32
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	3.43%	4.43%	5.43%
Fair Value	$4.89	$6.49	$8.69
Upside / Downside	-49.07%	-32.36%	-9.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.68	294.14	307.16	320.76	334.96	349.78	360.28
Payout Ratio	20.17%	34.14%	48.10%	62.07%	76.03%	90.00%	92.50%
Projected Dividends (M)	56.82	100.42	147.76	199.09	254.68	314.80	333.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	3.43%	4.43%	5.43%
Year 1 PV (M)	90.94	91.82	92.70
Year 2 PV (M)	121.19	123.54	125.92
Year 3 PV (M)	147.88	152.22	156.63
Year 4 PV (M)	171.33	178.05	184.97
Year 5 PV (M)	191.79	201.24	211.06
PV of Terminal Value (M)	3,191.49	3,348.80	3,512.24
Equity Value (M)	3,914.62	4,095.66	4,283.52
Shares Outstanding (M)	803.08	803.08	803.08
Fair Value	$4.87	$5.10	$5.33
Upside / Downside	-49.22%	-46.88%	-44.44%

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Shenzhen INVT Electric Co.,Ltd (002334.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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