DDM Analysis: 301129.SZ

Valuation Snapshot

Stable Growth	$3.85 - $5.60	$4.70
Multi-Stage	$5.34 - $5.86	$5.59
Blended Fair Value	$5.14
Current Price	$28.10
Upside	-81.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	1.33%	0.00%	0.17	0.45	0.38	0.00	0.01	0.16	0.03	0.02	0.00	0.00
YoY Growth	-	-	-62.03%	16.52%	0.00%	-100.00%	-96.49%	488.74%	17.08%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.81%	2.31%	0.86%	0.00%	0.02%	0.44%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.32
(-) Cash Dividends Paid (M)	10.13
(=) Cash Retained (M)	59.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.86	8.66	5.20
Cash Retained (M)	59.19	59.19	59.19
(-) Cash Required (M)	-13.86	-8.66	-5.20
(=) Excess Retained (M)	45.33	50.53	53.99
(/) Shares Outstanding (M)	134.71	134.71	134.71
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-0.67%	0.33%	1.33%
Fair Value	$3.85	$4.70	$5.60
Upside / Downside	-86.29%	-83.28%	-80.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.32	69.55	69.78	70.01	70.25	70.48	72.59
Payout Ratio	14.61%	29.69%	44.76%	59.84%	74.92%	90.00%	92.50%
Projected Dividends (M)	10.13	20.65	31.24	41.90	52.63	63.43	67.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.95%	9.95%	9.95%
Growth Rate	-0.67%	0.33%	1.33%
Year 1 PV (M)	18.59	18.78	18.97
Year 2 PV (M)	25.33	25.84	26.36
Year 3 PV (M)	30.59	31.52	32.47
Year 4 PV (M)	34.60	36.01	37.47
Year 5 PV (M)	37.55	39.48	41.49
PV of Terminal Value (M)	572.13	601.52	632.10
Equity Value (M)	718.79	753.15	788.85
Shares Outstanding (M)	134.71	134.71	134.71
Fair Value	$5.34	$5.59	$5.86
Upside / Downside	-81.01%	-80.10%	-79.16%

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Runa Smart Equipment Co., Ltd. (301129.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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