DDM Analysis: 300251.SZ

Valuation Snapshot

Stable Growth	$6.87 - $10.60	$8.60
Multi-Stage	$13.78 - $15.17	$14.46
Blended Fair Value	$11.53
Current Price	$19.37
Upside	-40.47%
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	0.41%	14.98%	0.07	0.05	0.20	0.01	0.06	0.07	0.23	0.05	0.05	0.06
YoY Growth	-	-	38.49%	-74.82%	1,898.40%	-83.76%	-9.80%	-70.32%	343.03%	2.30%	-12.18%	234.80%
Dividend Yield	-	-	0.33%	0.47%	2.25%	0.12%	0.52%	0.77%	2.61%	0.40%	0.54%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,166.77
(-) Cash Dividends Paid (M)	584.75
(=) Cash Retained (M)	1,582.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	433.35	270.85	162.51
Cash Retained (M)	1,582.02	1,582.02	1,582.02
(-) Cash Required (M)	-433.35	-270.85	-162.51
(=) Excess Retained (M)	1,148.67	1,311.18	1,419.52
(/) Shares Outstanding (M)	2,924.88	2,924.88	2,924.88
(=) Excess Retained per Share	0.39	0.45	0.49
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.39	0.45	0.49
(=) Adjusted Dividend	0.59	0.65	0.69
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	-1.59%	-0.59%	0.41%
Fair Value	$6.87	$8.60	$10.60
Upside / Downside	-64.54%	-55.59%	-45.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,166.77	2,154.05	2,141.40	2,128.83	2,116.33	2,103.90	2,167.02
Payout Ratio	26.99%	39.59%	52.19%	64.79%	77.40%	90.00%	92.50%
Projected Dividends (M)	584.75	852.78	1,117.64	1,379.37	1,637.98	1,893.51	2,004.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	-1.59%	-0.59%	0.41%
Year 1 PV (M)	789.69	797.71	805.74
Year 2 PV (M)	958.38	977.96	997.73
Year 3 PV (M)	1,095.31	1,129.03	1,163.45
Year 4 PV (M)	1,204.43	1,254.14	1,305.36
Year 5 PV (M)	1,289.31	1,356.16	1,425.76
PV of Terminal Value (M)	34,967.57	36,780.62	38,668.10
Equity Value (M)	40,304.69	42,295.62	44,366.14
Shares Outstanding (M)	2,924.88	2,924.88	2,924.88
Fair Value	$13.78	$14.46	$15.17
Upside / Downside	-28.86%	-25.35%	-21.69%

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Beijing Enlight Media Co., Ltd. (300251.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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