DDM Analysis: 300783.SZ

Valuation Snapshot

Stable Growth	$24.13 - $112.98	$53.62
Multi-Stage	$12.91 - $14.11	$13.50
Blended Fair Value	$33.56
Current Price	$24.10
Upside	39.25%
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	102.98%	136.28%	0.26	0.16	0.23	0.24	0.25	0.01	0.01	0.27	0.04	0.00
YoY Growth	-	-	60.28%	-30.88%	-4.84%	-2.41%	3,249.13%	-17.05%	-96.61%	613.73%	1,830.52%	3,965.98%
Dividend Yield	-	-	0.95%	0.70%	1.18%	0.92%	0.64%	0.01%	0.04%	1.26%	0.18%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.20
(-) Cash Dividends Paid (M)	101.32
(=) Cash Retained (M)	125.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.44	28.40	17.04
Cash Retained (M)	125.88	125.88	125.88
(-) Cash Required (M)	-45.44	-28.40	-17.04
(=) Excess Retained (M)	80.44	97.48	108.84
(/) Shares Outstanding (M)	399.92	399.92	399.92
(=) Excess Retained per Share	0.20	0.24	0.27
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.20	0.24	0.27
(=) Adjusted Dividend	0.45	0.50	0.53
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.13	$53.62	$112.98
Upside / Downside	0.11%	122.49%	368.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.20	241.97	257.69	274.44	292.28	311.28	320.62
Payout Ratio	44.60%	53.68%	62.76%	71.84%	80.92%	90.00%	92.50%
Projected Dividends (M)	101.32	129.88	161.72	197.15	236.51	280.15	296.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.70	120.83	121.97
Year 2 PV (M)	137.36	139.98	142.62
Year 3 PV (M)	154.33	158.76	163.27
Year 4 PV (M)	170.62	177.18	183.93
Year 5 PV (M)	186.26	195.26	204.60
PV of Terminal Value (M)	4,394.12	4,606.36	4,826.72
Equity Value (M)	5,162.39	5,398.36	5,643.10
Shares Outstanding (M)	399.92	399.92	399.92
Fair Value	$12.91	$13.50	$14.11
Upside / Downside	-46.44%	-43.99%	-41.45%

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Three Squirrels Inc. (300783.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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