DDM Analysis: 300484.SZ

Valuation Snapshot

Stable Growth	$3.43 - $5.94	$4.51
Multi-Stage	$3.55 - $3.87	$3.71
Blended Fair Value	$4.11
Current Price	$22.00
Upside	-81.32%
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	197.36%	18.71%	0.16	0.36	0.26	0.07	0.00	0.00	0.10	0.15	0.08	0.02
YoY Growth	-	-	-55.61%	39.47%	248.64%	0.00%	-100.00%	-99.31%	-33.33%	100.00%	212.00%	-16.67%
Dividend Yield	-	-	0.81%	2.42%	1.81%	0.59%	0.00%	0.01%	0.76%	0.74%	0.21%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.08
(-) Cash Dividends Paid (M)	33.34
(=) Cash Retained (M)	20.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.82	6.76	4.06
Cash Retained (M)	20.74	20.74	20.74
(-) Cash Required (M)	-10.82	-6.76	-4.06
(=) Excess Retained (M)	9.93	13.98	16.69
(/) Shares Outstanding (M)	207.63	207.63	207.63
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	3.56%	4.56%	5.56%
Fair Value	$3.43	$4.51	$5.94
Upside / Downside	-84.39%	-79.50%	-73.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.08	56.55	59.13	61.83	64.65	67.60	69.63
Payout Ratio	61.65%	67.32%	72.99%	78.66%	84.33%	90.00%	92.50%
Projected Dividends (M)	33.34	38.07	43.16	48.64	54.52	60.84	64.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	3.56%	4.56%	5.56%
Year 1 PV (M)	34.32	34.65	34.99
Year 2 PV (M)	35.09	35.77	36.45
Year 3 PV (M)	35.65	36.69	37.75
Year 4 PV (M)	36.03	37.44	38.90
Year 5 PV (M)	36.25	38.04	39.89
PV of Terminal Value (M)	560.26	587.84	616.49
Equity Value (M)	737.60	770.43	804.47
Shares Outstanding (M)	207.63	207.63	207.63
Fair Value	$3.55	$3.71	$3.87
Upside / Downside	-83.85%	-83.13%	-82.39%

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Shenzhen V&T Technologies Co., Ltd. (300484.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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