DDM Analysis: 0669.HK

Valuation Snapshot

Stable Growth	$54.90 - $243.87	$129.11
Multi-Stage	$28.46 - $31.12	$29.76
Blended Fair Value	$79.44
Current Price	$10.99
Upside	622.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.80%	22.89%	0.26	0.24	0.25	0.21	0.14	0.12	0.10	0.07	0.06	0.04
YoY Growth	-	-	11.27%	-5.12%	16.82%	50.63%	17.01%	21.90%	34.59%	33.45%	23.75%	33.41%
Dividend Yield	-	-	2.01%	2.00%	2.25%	1.08%	1.00%	1.49%	1.88%	1.11%	1.55%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,250.58
(-) Cash Dividends Paid (M)	922.96
(=) Cash Retained (M)	1,327.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	450.12	281.32	168.79
Cash Retained (M)	1,327.62	1,327.62	1,327.62
(-) Cash Required (M)	-450.12	-281.32	-168.79
(=) Excess Retained (M)	877.50	1,046.30	1,158.82
(/) Shares Outstanding (M)	1,835.34	1,835.34	1,835.34
(=) Excess Retained per Share	0.48	0.57	0.63
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.48	0.57	0.63
(=) Adjusted Dividend	0.98	1.07	1.13
WACC / Discount Rate	7.39%	7.39%	7.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.90	$129.11	$243.87
Upside / Downside	399.57%	1,074.78%	2,119.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,250.58	2,396.87	2,552.66	2,718.59	2,895.30	3,083.49	3,175.99
Payout Ratio	41.01%	50.81%	60.61%	70.40%	80.20%	90.00%	92.50%
Projected Dividends (M)	922.96	1,217.80	1,547.07	1,913.99	2,322.08	2,775.14	2,937.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.39%	7.39%	7.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,123.40	1,134.05	1,144.70
Year 2 PV (M)	1,316.52	1,341.59	1,366.91
Year 3 PV (M)	1,502.51	1,545.64	1,589.59
Year 4 PV (M)	1,681.56	1,746.23	1,812.75
Year 5 PV (M)	1,853.87	1,943.41	2,036.38
PV of Terminal Value (M)	44,754.65	46,916.32	49,160.72
Equity Value (M)	52,232.52	54,627.25	57,111.04
Shares Outstanding (M)	1,835.34	1,835.34	1,835.34
Fair Value	$28.46	$29.76	$31.12
Upside / Downside	158.96%	170.83%	183.14%

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Techtronic Industries Company Limited (0669.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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