DDM Analysis: 300286.SZ

Valuation Snapshot

Stable Growth	$157.03 - $185.00	$173.38
Multi-Stage	$106.93 - $117.35	$112.04
Blended Fair Value	$142.71
Current Price	$24.72
Upside	477.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.19%	11.80%	0.39	0.20	0.19	0.20	0.19	0.19	0.07	0.14	0.13	0.13
YoY Growth	-	-	100.00%	1.46%	-1.54%	4.23%	-2.63%	192.93%	-52.30%	8.01%	-0.40%	0.11%
Dividend Yield	-	-	1.72%	0.91%	0.49%	0.73%	1.17%	1.77%	0.59%	1.16%	0.77%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	203.60
(-) Cash Dividends Paid (M)	75.24
(=) Cash Retained (M)	128.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.72	25.45	15.27
Cash Retained (M)	128.36	128.36	128.36
(-) Cash Required (M)	-40.72	-25.45	-15.27
(=) Excess Retained (M)	87.64	102.91	113.09
(/) Shares Outstanding (M)	218.87	218.87	218.87
(=) Excess Retained per Share	0.40	0.47	0.52
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.40	0.47	0.52
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	2.30%	2.30%	2.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$157.03	$173.38	$185.00
Upside / Downside	535.22%	601.36%	648.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	203.60	216.83	230.93	245.94	261.92	278.95	287.32
Payout Ratio	36.95%	47.56%	58.17%	68.78%	79.39%	90.00%	92.50%
Projected Dividends (M)	75.24	103.13	134.33	169.16	207.94	251.05	265.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.30%	2.30%	2.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	99.87	100.81	101.76
Year 2 PV (M)	125.96	128.36	130.78
Year 3 PV (M)	153.60	158.01	162.50
Year 4 PV (M)	182.84	189.87	197.10
Year 5 PV (M)	213.75	224.08	234.80
PV of Terminal Value (M)	22,628.29	23,721.25	24,856.03
Equity Value (M)	23,404.31	24,522.37	25,682.97
Shares Outstanding (M)	218.87	218.87	218.87
Fair Value	$106.93	$112.04	$117.35
Upside / Downside	332.58%	353.25%	374.70%

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Acrel Co.,Ltd. (300286.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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