DDM Analysis: 300816.SZ

Valuation Snapshot

Stable Growth	$27.28 - $136.68	$48.80
Multi-Stage	$78.82 - $87.09	$82.87
Blended Fair Value	$65.84
Current Price	$37.18
Upside	77.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.14%	0.00%	0.23	0.23	0.40	0.43	0.29	0.03	0.47	0.04	0.00	0.02
YoY Growth	-	-	-1.06%	-42.44%	-6.72%	48.06%	776.74%	-92.97%	1,178.54%	8,356.59%	-97.88%	0.00%
Dividend Yield	-	-	0.72%	1.10%	1.20%	1.30%	0.34%	0.09%	1.60%	0.12%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.40
(-) Cash Dividends Paid (M)	23.04
(=) Cash Retained (M)	49.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.48	9.05	5.43
Cash Retained (M)	49.35	49.35	49.35
(-) Cash Required (M)	-14.48	-9.05	-5.43
(=) Excess Retained (M)	34.87	40.30	43.92
(/) Shares Outstanding (M)	79.52	79.52	79.52
(=) Excess Retained per Share	0.44	0.51	0.55
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.44	0.51	0.55
(=) Adjusted Dividend	0.73	0.80	0.84
WACC / Discount Rate	0.62%	0.62%	0.62%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$27.28	$48.80	$136.68
Upside / Downside	-26.62%	31.25%	267.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.40	71.67	70.96	70.25	69.54	68.85	70.91
Payout Ratio	31.83%	43.46%	55.10%	66.73%	78.37%	90.00%	92.50%
Projected Dividends (M)	23.04	31.15	39.09	46.88	54.50	61.96	65.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.62%	0.62%	0.62%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.65	30.96	31.27
Year 2 PV (M)	37.84	38.62	39.40
Year 3 PV (M)	44.64	46.02	47.43
Year 4 PV (M)	51.06	53.18	55.36
Year 5 PV (M)	57.12	60.09	63.19
PV of Terminal Value (M)	6,046.29	6,361.13	6,688.96
Equity Value (M)	6,267.59	6,589.99	6,925.60
Shares Outstanding (M)	79.52	79.52	79.52
Fair Value	$78.82	$82.87	$87.09
Upside / Downside	111.99%	122.90%	134.25%

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ActBlue Co., Ltd. (300816.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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