DDM Analysis: 300760.SZ

Valuation Snapshot

Stable Growth	$279.55 - $1,411.84	$578.60
Multi-Stage	$156.50 - $171.00	$163.62
Blended Fair Value	$371.11
Current Price	$245.69
Upside	51.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	48.38%	69.20%	7.22	8.81	3.49	2.51	1.51	1.00	0.78	0.50	5.41	2.83
YoY Growth	-	-	-18.06%	152.07%	39.27%	66.67%	50.00%	28.07%	55.28%	-90.67%	91.20%	7,436.29%
Dividend Yield	-	-	3.08%	3.11%	1.12%	0.82%	0.38%	0.38%	0.58%	0.72%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,601.46
(-) Cash Dividends Paid (M)	4,389.83
(=) Cash Retained (M)	4,211.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,720.29	1,075.18	645.11
Cash Retained (M)	4,211.62	4,211.62	4,211.62
(-) Cash Required (M)	-1,720.29	-1,075.18	-645.11
(=) Excess Retained (M)	2,491.33	3,136.44	3,566.51
(/) Shares Outstanding (M)	1,211.62	1,211.62	1,211.62
(=) Excess Retained per Share	2.06	2.59	2.94
LTM Dividend per Share	3.62	3.62	3.62
(+) Excess Retained per Share	2.06	2.59	2.94
(=) Adjusted Dividend	5.68	6.21	6.57
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$279.55	$578.60	$1,411.84
Upside / Downside	13.78%	135.50%	474.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,601.46	9,160.55	9,755.99	10,390.13	11,065.48	11,784.74	12,138.28
Payout Ratio	51.04%	58.83%	66.62%	74.41%	82.21%	90.00%	92.50%
Projected Dividends (M)	4,389.83	5,389.04	6,499.59	7,731.75	9,096.62	10,606.27	11,227.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,959.37	5,006.38	5,053.39
Year 2 PV (M)	5,504.49	5,609.34	5,715.17
Year 3 PV (M)	6,025.93	6,198.92	6,375.18
Year 4 PV (M)	6,524.43	6,775.34	7,033.42
Year 5 PV (M)	7,000.68	7,338.82	7,689.90
PV of Terminal Value (M)	159,603.95	167,312.88	175,316.85
Equity Value (M)	189,618.85	198,241.67	207,183.90
Shares Outstanding (M)	1,211.62	1,211.62	1,211.62
Fair Value	$156.50	$163.62	$171.00
Upside / Downside	-36.30%	-33.40%	-30.40%

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Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (300760.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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