DDM Analysis: 002463.SZ

Valuation Snapshot

Stable Growth	$301.87 - $355.65	$333.30
Multi-Stage	$235.12 - $258.04	$246.37
Blended Fair Value	$289.83
Current Price	$73.47
Upside	294.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.54%	22.80%	0.56	0.19	0.15	0.18	0.19	0.09	0.05	0.05	0.01	0.01
YoY Growth	-	-	199.55%	27.70%	-17.51%	-4.21%	108.76%	71.88%	7.17%	572.45%	-2.18%	-89.80%
Dividend Yield	-	-	1.72%	0.59%	0.68%	1.35%	1.22%	0.41%	0.45%	1.22%	0.16%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,456.47
(-) Cash Dividends Paid (M)	1,050.91
(=) Cash Retained (M)	2,405.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	691.29	432.06	259.23
Cash Retained (M)	2,405.56	2,405.56	2,405.56
(-) Cash Required (M)	-691.29	-432.06	-259.23
(=) Excess Retained (M)	1,714.26	1,973.50	2,146.32
(/) Shares Outstanding (M)	1,932.81	1,932.81	1,932.81
(=) Excess Retained per Share	0.89	1.02	1.11
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.89	1.02	1.11
(=) Adjusted Dividend	1.43	1.56	1.65
WACC / Discount Rate	-0.46%	-0.46%	-0.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$301.87	$333.30	$355.65
Upside / Downside	310.87%	353.65%	384.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,456.47	3,681.14	3,920.41	4,175.24	4,446.63	4,735.66	4,877.73
Payout Ratio	30.40%	42.32%	54.24%	66.16%	78.08%	90.00%	92.50%
Projected Dividends (M)	1,050.91	1,557.98	2,126.53	2,762.41	3,471.96	4,262.09	4,511.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.46%	-0.46%	-0.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,550.52	1,565.22	1,579.92
Year 2 PV (M)	2,106.22	2,146.34	2,186.84
Year 3 PV (M)	2,722.93	2,801.10	2,880.75
Year 4 PV (M)	3,405.97	3,536.96	3,671.68
Year 5 PV (M)	4,161.07	4,362.05	4,570.73
PV of Terminal Value (M)	440,495.73	461,771.84	483,862.24
Equity Value (M)	454,442.46	476,183.51	498,752.15
Shares Outstanding (M)	1,932.81	1,932.81	1,932.81
Fair Value	$235.12	$246.37	$258.04
Upside / Downside	220.02%	235.33%	251.22%

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Wus Printed Circuit (Kunshan) Co., Ltd. (002463.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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