DDM Analysis: 300814.SZ

Valuation Snapshot

Stable Growth	$1.50 - $2.26	$1.86
Multi-Stage	$2.92 - $3.22	$3.07
Blended Fair Value	$2.46
Current Price	$53.41
Upside	-95.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-24.86%	0.00%	0.11	0.16	0.16	0.01	0.01	0.46	0.01	0.01	0.00	0.00
YoY Growth	-	-	-31.74%	2.64%	2,020.59%	15.51%	-98.60%	4,319.61%	37.65%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.35%	0.52%	0.71%	0.04%	0.02%	1.51%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.78
(-) Cash Dividends Paid (M)	8.59
(=) Cash Retained (M)	26.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.96	4.35	2.61
Cash Retained (M)	26.19	26.19	26.19
(-) Cash Required (M)	-6.96	-4.35	-2.61
(=) Excess Retained (M)	19.23	21.84	23.58
(/) Shares Outstanding (M)	194.28	194.28	194.28
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.14	0.16	0.17
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.50	$1.86	$2.26
Upside / Downside	-97.18%	-96.51%	-95.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.78	34.43	34.09	33.75	33.41	33.07	34.07
Payout Ratio	24.70%	37.76%	50.82%	63.88%	76.94%	90.00%	92.50%
Projected Dividends (M)	8.59	13.00	17.32	21.56	25.70	29.77	31.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.99	12.11	12.23
Year 2 PV (M)	14.73	15.04	15.34
Year 3 PV (M)	16.91	17.44	17.97
Year 4 PV (M)	18.60	19.37	20.16
Year 5 PV (M)	19.87	20.90	21.98
PV of Terminal Value (M)	485.88	511.18	537.53
Equity Value (M)	567.98	596.04	625.22
Shares Outstanding (M)	194.28	194.28	194.28
Fair Value	$2.92	$3.07	$3.22
Upside / Downside	-94.53%	-94.26%	-93.97%

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Shenzhen Jove Enterprise Co., Ltd. (300814.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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