DDM Analysis: 300314.SZ

Valuation Snapshot

Stable Growth	$4.35 - $9.26	$6.19
Multi-Stage	$3.26 - $3.56	$3.40
Blended Fair Value	$4.80
Current Price	$13.88
Upside	-65.45%
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	14.87%	15.01%	0.18	0.15	0.10	0.15	0.04	0.09	0.05	0.06	0.04	0.06
YoY Growth	-	-	20.00%	50.00%	-33.33%	275.00%	-55.56%	80.00%	-16.67%	50.00%	-28.00%	25.00%
Dividend Yield	-	-	1.46%	1.28%	0.62%	1.22%	0.25%	0.81%	0.49%	0.46%	0.21%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.57
(-) Cash Dividends Paid (M)	25.06
(=) Cash Retained (M)	41.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.31	8.32	4.99
Cash Retained (M)	41.52	41.52	41.52
(-) Cash Required (M)	-13.31	-8.32	-4.99
(=) Excess Retained (M)	28.20	33.20	36.52
(/) Shares Outstanding (M)	287.93	287.93	287.93
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.35	$6.19	$9.26
Upside / Downside	-68.64%	-55.43%	-33.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.57	70.90	75.51	80.42	85.64	91.21	93.95
Payout Ratio	37.64%	48.11%	58.58%	69.05%	79.53%	90.00%	92.50%
Projected Dividends (M)	25.06	34.11	44.23	55.53	68.11	82.09	86.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.72	31.01	31.30
Year 2 PV (M)	35.89	36.57	37.26
Year 3 PV (M)	40.58	41.74	42.93
Year 4 PV (M)	44.83	46.55	48.32
Year 5 PV (M)	48.66	51.01	53.45
PV of Terminal Value (M)	737.71	773.34	810.34
Equity Value (M)	938.38	980.23	1,023.60
Shares Outstanding (M)	287.93	287.93	287.93
Fair Value	$3.26	$3.40	$3.56
Upside / Downside	-76.52%	-75.47%	-74.39%

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Ningbo David Medical Device Co., Ltd. (300314.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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