DDM Analysis: 603328.SS

Valuation Snapshot

Stable Growth	$3.99 - $6.07	$4.96
Multi-Stage	$4.91 - $5.39	$5.15
Blended Fair Value	$5.05
Current Price	$11.75
Upside	-56.98%
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	-33.05%	20.86%	0.20	0.15	0.07	0.10	0.47	1.45	0.85	0.75	0.22	0.08
YoY Growth	-	-	29.11%	113.23%	-29.02%	-78.72%	-67.64%	69.93%	14.32%	239.25%	164.71%	183.33%
Dividend Yield	-	-	1.93%	2.11%	0.94%	1.61%	6.81%	14.07%	7.07%	5.93%	1.30%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	437.58
(-) Cash Dividends Paid (M)	6.55
(=) Cash Retained (M)	431.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.52	54.70	32.82
Cash Retained (M)	431.03	431.03	431.03
(-) Cash Required (M)	-87.52	-54.70	-32.82
(=) Excess Retained (M)	343.51	376.33	398.21
(/) Shares Outstanding (M)	998.47	998.47	998.47
(=) Excess Retained per Share	0.34	0.38	0.40
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.34	0.38	0.40
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	0.92%	1.92%	2.92%
Fair Value	$3.99	$4.96	$6.07
Upside / Downside	-66.07%	-57.77%	-48.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	437.58	446.00	454.58	463.33	472.25	481.34	495.78
Payout Ratio	1.50%	19.20%	36.90%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	6.55	85.62	167.73	252.97	341.43	433.21	458.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	0.92%	1.92%	2.92%
Year 1 PV (M)	77.21	77.98	78.74
Year 2 PV (M)	136.41	139.13	141.87
Year 3 PV (M)	185.53	191.10	196.78
Year 4 PV (M)	225.81	234.90	244.25
Year 5 PV (M)	258.37	271.43	285.01
PV of Terminal Value (M)	4,021.59	4,224.82	4,436.18
Equity Value (M)	4,904.93	5,139.35	5,382.83
Shares Outstanding (M)	998.47	998.47	998.47
Fair Value	$4.91	$5.15	$5.39
Upside / Downside	-58.19%	-56.19%	-54.12%

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Guangdong Ellington Electronics Technology Co.,Ltd (603328.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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