DDM Analysis: 300863.SZ

Valuation Snapshot

Stable Growth	$89.26 - $232.55	$217.93
Multi-Stage	$33.33 - $36.47	$34.87
Blended Fair Value	$126.40
Current Price	$40.35
Upside	213.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	49.22%	0.00%	0.55	0.43	0.34	0.34	0.09	0.07	0.16	0.08	0.10	0.00
YoY Growth	-	-	27.13%	27.80%	-1.57%	269.08%	25.33%	-52.44%	95.81%	-18.50%	0.00%	0.00%
Dividend Yield	-	-	1.61%	1.98%	1.09%	1.46%	0.31%	0.14%	0.29%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	168.76
(-) Cash Dividends Paid (M)	70.89
(=) Cash Retained (M)	97.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.75	21.10	12.66
Cash Retained (M)	97.87	97.87	97.87
(-) Cash Required (M)	-33.75	-21.10	-12.66
(=) Excess Retained (M)	64.12	76.77	85.21
(/) Shares Outstanding (M)	144.32	144.32	144.32
(=) Excess Retained per Share	0.44	0.53	0.59
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.44	0.53	0.59
(=) Adjusted Dividend	0.94	1.02	1.08
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$89.26	$217.93	$232.55
Upside / Downside	121.21%	440.11%	476.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	168.76	179.73	191.41	203.86	217.11	231.22	238.16
Payout Ratio	42.01%	51.61%	61.21%	70.80%	80.40%	90.00%	92.50%
Projected Dividends (M)	70.89	92.75	117.16	144.34	174.56	208.10	220.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	86.19	87.01	87.82
Year 2 PV (M)	101.16	103.09	105.03
Year 3 PV (M)	115.81	119.13	122.52
Year 4 PV (M)	130.15	135.15	140.30
Year 5 PV (M)	144.17	151.13	158.37
PV of Terminal Value (M)	4,232.81	4,437.26	4,649.53
Equity Value (M)	4,810.29	5,032.77	5,263.57
Shares Outstanding (M)	144.32	144.32	144.32
Fair Value	$33.33	$34.87	$36.47
Upside / Downside	-17.40%	-13.58%	-9.62%

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Ningbo KBE Electrical Technology Co.,Ltd. (300863.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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