DDM Analysis: 300743.SZ

Valuation Snapshot

Stable Growth	$76.16 - $143.01	$134.02
Multi-Stage	$22.92 - $25.06	$23.97
Blended Fair Value	$79.00
Current Price	$17.89
Upside	341.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.05%	16.37%	0.37	0.27	0.16	0.22	0.14	0.13	0.11	0.11	0.09	0.15
YoY Growth	-	-	38.85%	69.34%	-27.24%	55.11%	6.33%	23.25%	-0.45%	18.66%	-39.27%	82.62%
Dividend Yield	-	-	2.37%	2.32%	1.14%	1.64%	1.42%	1.10%	0.57%	1.07%	0.90%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.36
(-) Cash Dividends Paid (M)	78.57
(=) Cash Retained (M)	30.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.87	13.67	8.20
Cash Retained (M)	30.80	30.80	30.80
(-) Cash Required (M)	-21.87	-13.67	-8.20
(=) Excess Retained (M)	8.92	17.13	22.59
(/) Shares Outstanding (M)	152.08	152.08	152.08
(=) Excess Retained per Share	0.06	0.11	0.15
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.06	0.11	0.15
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$76.16	$134.02	$143.01
Upside / Downside	325.74%	649.15%	699.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.36	116.47	124.04	132.10	140.69	149.84	154.33
Payout Ratio	71.84%	75.47%	79.10%	82.74%	86.37%	90.00%	92.50%
Projected Dividends (M)	78.57	87.90	98.12	109.30	121.51	134.85	142.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.92	82.70	83.47
Year 2 PV (M)	85.22	86.84	88.48
Year 3 PV (M)	88.46	91.00	93.59
Year 4 PV (M)	91.65	95.18	98.80
Year 5 PV (M)	94.79	99.37	104.12
PV of Terminal Value (M)	3,043.74	3,190.75	3,343.39
Equity Value (M)	3,485.78	3,645.84	3,811.86
Shares Outstanding (M)	152.08	152.08	152.08
Fair Value	$22.92	$23.97	$25.06
Upside / Downside	28.12%	34.00%	40.10%

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Hangzhou Todaytec Digital Co., Ltd (300743.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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