DDM Analysis: 300454.SZ

Valuation Snapshot

Stable Growth	$15.83 - $24.47	$19.84
Multi-Stage	$18.85 - $20.67	$19.74
Blended Fair Value	$19.79
Current Price	$125.50
Upside	-84.23%
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	-3.55%	3.40%	0.12	0.05	0.09	0.21	0.19	0.14	0.29	0.35	0.88	0.04
YoY Growth	-	-	151.73%	-47.01%	-56.98%	7.60%	35.19%	-50.31%	-17.84%	-60.18%	2,083.23%	-52.86%
Dividend Yield	-	-	0.11%	0.07%	0.06%	0.19%	0.08%	0.09%	0.27%	0.81%	2.03%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	695.97
(-) Cash Dividends Paid (M)	30.27
(=) Cash Retained (M)	665.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	139.19	87.00	52.20
Cash Retained (M)	665.70	665.70	665.70
(-) Cash Required (M)	-139.19	-87.00	-52.20
(=) Excess Retained (M)	526.51	578.70	613.50
(/) Shares Outstanding (M)	422.82	422.82	422.82
(=) Excess Retained per Share	1.25	1.37	1.45
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	1.25	1.37	1.45
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	1.40%	2.40%	3.40%
Fair Value	$15.83	$19.84	$24.47
Upside / Downside	-87.38%	-84.19%	-80.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	695.97	712.66	729.75	747.25	765.18	783.53	807.03
Payout Ratio	4.35%	21.48%	38.61%	55.74%	72.87%	90.00%	92.50%
Projected Dividends (M)	30.27	153.07	281.75	416.52	557.58	705.18	746.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	1.40%	2.40%	3.40%
Year 1 PV (M)	138.01	139.37	140.73
Year 2 PV (M)	229.03	233.57	238.15
Year 3 PV (M)	305.25	314.37	323.67
Year 4 PV (M)	368.42	383.17	398.36
Year 5 PV (M)	420.09	441.22	463.19
PV of Terminal Value (M)	6,509.18	6,836.54	7,176.95
Equity Value (M)	7,969.97	8,348.24	8,741.05
Shares Outstanding (M)	422.82	422.82	422.82
Fair Value	$18.85	$19.74	$20.67
Upside / Downside	-84.98%	-84.27%	-83.53%

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Sangfor Technologies Inc. (300454.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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